XBI in promising trend


For more than a month, XBI – the SPDR S&P Biotech ETF – moved horizontally in a narrow range confined within the green box in the chart.

Then price moved above its 20-day exponential moving average, which worked as a support line in a recent price correction.

XBI will have to break above the lower blue resistance line at about 89 to make sure it has started a bullish trend. The next price target will be the upper blue resistance line at about 93.

Our momentum indicator, MACD is already moving in bullish territory and above its signal line.

Finally, XBI’s Relative Strength has also moved above its 20-day exponential moving average.


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