XBI Potential Rising WedgeXBI is right at previous structure resistance with strong upwards momentum. There is a potential rising wedge pattern emerging on the hourly timeframe.
XBI trade ideas
putspread for 30 days with 12% ROI on $XBIMarket is range bound, My favourite indicator ( Alligator) is falling a sleep, while the market is grinding higher after the latest Trump scare.
After the latest bounce of the support at 66 area, I think its time for a put spread below that area
I priced a -64/+62 may monthly puts, for a 12% roi for 30 days.
XBI Wedge Breakout PullbackI believe buyers are gaining control for XBI, I'm going to wait for the hourly chart to reach more oversold conditions then look for the price to continue higher.
$XBI - 67.18 pulled back to TrendLine, can it V from here?Biotech ETF, 67.18 pulled back to TrendLine, can it V from here? or at least Hold on to this support zone.
XBI Quick ShortI'm going to wait for the trend line break and a confirmation candle, hopefully get involved no lower than 67.2
XBI Possible Falling WedgeXBI is retesting recent lows and appears to be creating a potential falling wedge pattern.
$XBI 69.38 pulling back, MF red, resistance 72BioTech XBI 69.38 pulling back, Money Flow bearish, resistance 72, target 67
Another 50 BounceIs Biotech headed back to retest YTD highs at $72.50? The potential is there after a bullish bounce at the 50 Moving Average. =)
Trade Accordingly.
XBI Subminuette LookAt this stage I don't see XBI shooting out of the channel. Very likely down move by Tuesday. There is a possible quick retest of the highs before the down move. If we see above average volume on a retest of highs (and unable to make a new one), that would also be a nice short setup. GL
XBI Breakout or Fakeout?Is it returning to the point of break out or faking out and heading much lower?
XBI weekly - Long term outlookHere's a quick look at XBI on the weekly and what I see. I'll be shorting everytime it hits the top of the trendline. I'll be shorting every divergence and overbought signals on the 60 & 240.
There's a lot of hype with the bio sector since its 2016 lows, which is exactly what a B wave does. It creates hope, only to have it taken away. This is a multi year outlook. There's no way of knowing where the wave B top will be. This corrective structure can last another 6 months, year, maybe more! We're not "there" yet for the big bio short, but 90% of the time, a setup like this (especially on a weekly chart) is super bearish. Which is why I will always take the sell at the top of the trendline moving forward. GL
XBI 1H Short - DivergenceYou wouldn't catch me going long here (XBI) at these levels on the 60 minute chart. RSI and MACD divergence to price ratio is CRAZY. On watch for a short tomorrow. GL
