XBI Acts Well, But The Pattern Argues for Upside Acceleration Much Sooner than Later

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The weakness in SPDR S&P Biotech ETF (XBI) from its Apr 7 high at 58.38 into the Apr 12 low at 53.42, followed by an upside pivot reversal into today's high at 57.04 has the right look of a classic "retest of a prior upside breakout plateau" and a resumption of the underlying potential off of a base formation. In this case, as long as XBI remains north of 53.42 support, the price structure continues to point higher-- towards my optimal upside target zone in the vicinity of 60.00 to 62.00.

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