$XBI Pulling Back – Retesting Flat Base Breakout?

XBI Formed a flat base from early January to late February before breaking out. You can see on this chart it is either a failed break-out (with more downside to go) or it is retesting that breakout area and will soon resume its upward trend. All TBD.

In addition to coming down to the breakout area it looks like it “may” be getting support at the 50 DMA (red). My plan is that if it breaks back above the blue downtrend line, I will go long with a stop just below that days low. Should it drop below the 50 DMA I would reconsider it as a short candidate.

The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Comment:

Looking at this weekly chart, XBI has been forming a base since January 2022 and has only been pulling back from the daily breakout for 2 weeks. I like this weekly chart much more than the daily.

Comment:

Looks like XBI "may" be getting support at the 50 DMA. I am still waiting for it to cross up the short term downtrend line. TBD.

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