$XBI - risk reward looks good Long
SPDR Series Trust SPDR S&P Biotech ETFArca
Description
⋅ AMEX:XBI Biotech has been beaten up for the past 2 years. If you zoom out it looks like it is forming a gigantic head and shoulder pattern.
It has bounced every time it is around $63 - $60 area which is the neckline region.
I think the risk reward at this point is attractive. If it breaks below $60 though, things can get ugly.
Upside targets:
$79
$91
$110
Downside risk:
$60