I've been holding off on commenting on Biotechnology(XBI) because it's movement has been confusing to say the least. Lots of counter intuitive moves have been made over the last three months. The week of the called off merger, for instance, between Allergen and Pfizer the index did quite well. A false breakout of the large declining channel took place this week but I surmise a proper breakout in the next week. Support might be found around $52.75 so it can put in it's final higher low to complete the bearish wedge shape currently being made. It could alternatively break through support at $52.75 and $51.00 but I find this unlikely as some of the indicators such as RSI (5) and Full Stochastics (5,3) are already oversold.