XBI trade ideas
shorting $xbi biotech/ shorting the handle to the c/hlooking for a retrace of the .618 fib level which should give way to the cup/handle breakout pattern of $xbi also notice price action at the top of the wedge
XBI: Monthly OutlookWas going to post this idea sooner, but didn't and now regret it because its essentially almost happened fully.
But better late than never so here we are.
XBI is a short.
It did a head and shoulders with a bear flag/wedge. It broke down from the wedge today and is on its way to its monthly low targets.
Based on a prob assessment, high probability of hitting the first low target at 77.28 and an equally high chance of seeing the second monthly low target of 73.10 this month.
73.10 is kind of where the probability caps this at. From there I would assume there would be consolidation and maybe a slight bounce and not necessarily seeing the 68 TP.
That's it!
Thought I would get a head start on posting some weekend ideas.
If you have any requests, feel free to leave them in the comments. I like to try and experiment with different stocks.
Take care and trade everyone!
$XBI - Potential Inverse H&S + Potential Channel breakoutXBI has been in down trend channel and now it looks like it might try to breakout again. It also look like it is forming the right shoulder of the inverse H&S.
If the price can stay above $80 in coming days, there is a chance that it can break out of the channel and head towards $97 with potential further upside to $119.
Target 1 - $97
Target 2 - $119
Stop - 74
Risk - Price retreat to $74 and below.
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Disclaimer: Not investment advice.
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$XBI Potential Bearish Quarterly Move$XBI, which is a biotech ETF, is showing a potential bearish 2-1-2 continuation on the quarterly chart.
Because of this, I will be looking at biotech stocks for a short.
$XBI possible inverted head and shoulders bottom$XBI biotech ETF developing
a possible inverted
head and shoulders bottom formation
neckline breakout 93.50
9/28/22 XBISPDR S&P Biotech ETF ( AMEX:XBI )
Sector: Miscellaneous (Investment Trusts/Mutual Funds)
Market Capitalization: $ --
Current Price: $81.20
Breakout price: $84.40
Buy Zone (Top/Bottom Range): $80.50-$74.75
Price Target: $99.10-$100.80
Estimated Duration to Target: 75-81d
Contract of Interest: $XBI 12/16/22 85c
Trade price as of publish date: $5.40/contract
Is $XBI leading a turn up for QQQ, NDX?Both $QQQ and $XBI made a bullish reversal open on 27 Sep., however QQQ sold down while XBI moved higher.
When the daily candle on XBI (or candle pattern) does not match that on QQQ, take note. I have added lines to highlight examples, and these mismatches often occur at turning points with XBI indicating direction for QQQ.
It is not a sure predictor, as you can find counter examples also. See end of Jul. and 15 Sep. In the past few months I have found it useful to look at XBI and Bitcoin daily charts when evaluating direction for SPX and NDX.
$XBI Biotech ETF. Looking bullishGood looking channel break with an inverted head and shoulder neckline target of $91,65 Resistance is expected at this level.
XBI leads SPX, NDX. Will it break down or hold the line?Compare August 19-23 here with Aug. 22-24 on SPX and NDX (or SPY and QQQ). You can see the XBI lead at numerous turning points on the daily chart if you look back. I note yesterday's red candle not as a solid predictor of market's close today, but as a caution and a note to lean bearish.
The dashed yellow line connects closes on a line chart. If XBI closes below the solid line today, I will be looking to take a few swing positions (small capital amounts) for a lower open on Monday. Alternatively, I will wait instead of buying swing calls because buying has become extended on 30/60min charts.
money flowing into biotech sectorxbi is displaying strength on the daily as far as qqe and sss strategies are concerned. if we stay above pivot im targeting upper horizontals as rising 4hr triangle could bull pennant, and if we fall beneath that pivot resisting from rising 4hr triangle i would target lower horizontals.
Biotechs and a new bull flagThe biotechs led the market from the lows in July. Last week, the sector had a sideways move as it rebuilds above the moving averages. Keep it on your radar in case it triggers above $95.18 for a move past $100 in the coming sessions. $90 is active support for the week.
$XBI Biotech ETF. Looking bullishBiotech has been hammered since Feb 2021. This ETF is still down 50% + from it's all time high.
It formed a double bottom and now a small bullish flag.
Target is 97. Longer term 122,134
Peak Price Action and AD looking to short biotech here and look for a retrace back to the .618 fib level and the .50 level. to form the cup and handle pattern. This also sets up a inverted head and shoulders on the higher time frame
looking for 83.50 then short off of D legtook a small position on labu at 7.77, looking for 83.50 then short off of D leg
looking for pop, then retest to 73.50 areaseeing bearish pattern set up, a pop then retrace near the .236 fib line
XBI 1WThe S&P Biotechnology Select Industry® represents the biotechnology segment of the S&P Total Market Index (“S&P TMI”). The S&P TMI is designed to track the broad U.S. equity market. The biotechnology segment of the S&P TMI comprises the Biotechnology sub-industry. The Index is modified equal weighted.
Closed (Margin): XBI August 19th 78/86 Short Strangle... for a 3.81 debit.
Comments: Taking a small loser here, since I seem to have been fiddling with it forever. Total credits collected of 3.41. (See Post Below). .40 ($40) realized loss.
Will XBI clear supply zone?Some people use XBI (weekly, daily) to indicate risk-on/off since biotech stocks are generally riskier investments. Going back to the pandemic drop in 2020 (and before), you will see 87 as a resistance area. The market gapped over this when the recovery (market rally) picked up steam. Now here 86-87 is again at the top of a supply zone.
Based on other indicators as well, a pullback may occur here before further upside. Selling and/or put buying may occur before FOMC next week.
