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Djentinga
Jan 6, 2022 7:19 PM

Final Shakeout Before Reversal? Long

SPDR Series Trust SPDR S&P Biotech ETFArca

Description

Biotech stocks have been hammered over the last year, with many currently trading at or below book value.
A reversal is due.

Some indications of a reversal in the short term with possible test of 118-120:

1. Price broke last low but is currently forming a bullish hammer.
2. Bullish divergence on the MACD histogram.
3. ADX below 20 indicates sell off is weak.

Trade closed: stop reached

Seems I was a bit early :)
Comments
CalenderMan30
I would expect to see this at 99$ before any bullish reaction.
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