Still a SELLAs soon as it break into the previous trendline, it'll be over for XBI and time for $LABD.
SSGF trade ideas
Still in the channel actuallyWill see how it goes next week. I won't go long on XBI, $LABD is still the bet.
Short BIO ETFShort XBI or buy reverse ETF(1X, 2X, or 3X) when XBI bounces back to range 64.83 ~ 66.27, stop at 66.5
XBI global rout imminentThere's major global pull back, Biotechnology will scale back, but not as much as SP500 and DOW.
You should hedge properly, VIX will be back soon.
*Election year is Biotech Year*
Look at its history, XBI will pullback from RSI 73 $LABD$LABU tnever sustained for more than a few days above 70!! LOCKED IN PROFIT warned again.
XBI longThe price broke the first channel trend (blue), then broke the second trend channel (pink), and then formed the first wave (1) completed the second wave (2), and now going like a rocket with wave 3.
I am in LABU long from 25. My first target of LABU was 43-45, accomplished, I raised the target to LABU=60 for now. as XBI is going easy to 85-90
Trade with care and make your own Judgment.
Keep in mind - draw this chart days ago, now fully developedPrice is moved right into $62 - the expected top area. I would lock in $
Soon will be a good on $LABD side, see the top?It is very close, so lock in your nice profit from $50!
XBI completed ABCD at major resistance, but RSI is only at 62 Still have room, should be careful on $LABD, could break the $60 resistance. Breaks 60, next 62. Otherwise, this will fall.
LABU - 200 EMA is support nowLast week we haven't just broken the 200 EMA in XBI but we were able to hold the gains.
This is really going to fasten up now. The 200 EMA is a support now and at the time S&P is printing some kind of pullback in the future - maybe after FED's rate hike next Wednesday - XBI will just test back the 200 EMA.
In the next 2 weeks I will be adding to my stock trade positions if we test back the 200 EMA. I think a new bull market is starting here which will run for years with terrible gains.
Gaps will be filled during the run just 2 days ago. These filled gaps are points to add to one's positions.
I will be charting XBI as LABU is a 3x ETF and not good for charting but most of the time I will be trading LABU.
These are just great times. People will talk about the 2016-2019 bull markets even in 2040.
Don't ruin it. Ride it.
May have a few more $ to go based on the channels $LABUThough the candlestick is bad today, and a pull back may happen, but 62 near-term.
may have some more room to go long-termOn weekly chart, may reach to the upper channel I draw last time near 62.
A Play On BIOTECH Here's the thing.. whether you like it or not the Stock Market is heading higher and if you really wanna maximize your upside potential then BIOTECH is where you should park some of your money. Biotech is very much on the move but I would wait for a bounce off the trendline to buy back in -- Momentum is on our side but RSI/Stochastics are showing a tad overbought in the short to medium term.
Ps: And if your balls are made of steel then you might want to take a look at LABU to further capitalize on any potential gains.
XBI great short - My favorite lately REJECT at 200 D SMAHas been supported by markets but not for long. check out 200 day ma..
XBI interesting chart formationAfter the big downtrend line broke, seems like it's just establishing the new uptrend.
