XPH eyes on $44: long term resistance looks broken and retestedPharma as a whole is lagging the market.
Few of the co's are flying but rest are not.
ETF has broken and retested key resistance.
$ 43.96 - 44.17 is the exact zone to flip.
$ 39.27 - 39.94 below is a major support.
$ 47.20 - 47.99 above is major resistance.
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XPH trade ideas
S&P Pharmaceutical Sector: A Prescription for Growth● The S&P Pharmaceutical sector has great potential for growth.
● The weekly chart shows that after breaking out of the Symmetrical Triangle Pattern, the ETF had a short period of consolidation and is now ready for a rise.
● The daily chart also indicates a Cup & Handle Pattern, with the price trending upward post-breakout.
As the industry revives, certain stocks are ready to achieve similar success
Key stocks to watch:
Hims & Hers NYSE:HIMS
● The price has broken the trendline resistance with high volume.
● More upward movement is likely to follow.
Crinetics Pharmaceuticals NASDAQ:CRNX
● Mirrors HIMS' chart pattern.
● Poised for robust growth after breakout.
XPH | Pharmaceuticals to Outperform- Price is breaking minor falling wedge pattern on strong volume
- Pharmaceutical stocks have lagged the broader market in the past year and have not been so inexpensive relative to the S&P 500 in at least 20 years
- As the healthcare sector is starting to out perform the overall market, I have been locking in gains on some cyclical stocks and positioning more defensive
- I expect pharmaceuticals to outperform the market and sector in the short term as investor seek value in a richly priced stock market
ETFs potential BUYS -XPH-EIDO-EUO-XBI-BIBFor Monday’s open, 5 ETF's are potential buys under my rules for Pullback Strategy. This strategy identifies oversold ETFs and takes advantage of the tendency for prices to revert to the mean in the short term.
The ETFs set up as potential buys for Monday are listed in the table below:
XPH -SPDR S&P Pharmaceuticals
EIDO - Indonesia Invstble Mkt Idx MSCI
EUO - Ultrashort Euro Proshares
XBI - SPDR S&P Biotech
BIB - Ultra Nasdaq Biotechnology Prosh