Tuesday, December 27, 2016

Inverse Head And Shoulders In Biotechnology (XBI)

It has been a few weeks since I last wrote and I apologize. The hospital can get a little crazy around this time of the year and there's also a couple of extra shifts that can be picked up, so I have been quite busy. I brought Biotechnology ETF XBI to everyone's attention almost five weeks ago when I speculated that an inverse head and shoulders pattern might be appearing. I also called a short/sell on the 21st of November and then anticipated the move we are now seeing. In the interests of symmetry $59.00 was the support zone where we saw a great bounce and now an anticipated move to around $64.00 to form the final shoulder. The next two weeks are so are critical to see if this pattern comes to fruition, because if I'm honest, this is the least reliable pattern I am able to find!