XBI's Relative Strength up
After trading along the blue resistance line, XBI – the SPDR S&P Biotech ETF – finally broke above it and reached the upper Bollinger Band.
What is more, XBI’s 10- 20- and 50-day exponential moving averages are all trending up and diverging from each other, which could mean that the bulls are getting stronger.
At the same time, MACD, our momentum indicator has moved above its signal line.
Just as important, XBI’s Relative Strength has also moved above its 20- day exponential moving average, which is trending up.