Thursday, August 18, 2016

Bull Flag In Biotechnology (XBI)

A bull flag has emerged in Biotechnology ETF XBI and has found support at the middle Keltner band. Today was a low volume day but the turn was nice, especially as my super-long term indicator MACD (55,144,0) just turned positive a few days ago and has been steadily rising. Solid support has been found here and the increase in crude oil prices along with the Fed's comments the other day (which effectively negates any interest rate increase until December with the bookmakers putting it at 18% before November) we might see a pop in XBI.