Thursday, February 02, 2017

Biotechnology (XBI) Looks Set To Finally Breakout

Biotechnology ETF (XBI) has been caught in a condensing pattern since the beginning of October, but has enjoyed some wild swings in that time. This previously vulnerable sector has gone onto enjoy quite a run since Trump won the election and took office. XBI is bullishly aligned long-term with MA(144) well below the trend and the EMA(8) and EMA(13) having just bounced upwards off of the EMA(34). After Tuesday's rise a long/buy signal was issued. Overhead resistance is around $66.40, but the way things stand right now this looks like it'll breakout.