1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

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

    Oct 7, 2015
    Likes Received:
    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.

    Continue reading...

Share This Page