AMEX: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, AMEX: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 AMEX:XBI "may" be getting support at the 50 DMA. I am still waiting for it to cross up the short term downtrend line. TBD.
Yep, back on watch list. It’s not unusual for me to get in and out of a trade before it either works or I’m wrong. Either way I’m good.
williarm55
⋅
@jaxdog today was a much better close, looks like the action will be to the upside. I bought LABU today
jaxdog
⋅
@williarm55, I just got back from Easter Vacation, no trading. I like the leveraged idea. Looks like the market as a whole is pulling back so far this week.