It's been a rough ride for bios lately, but a reversal could be coming very soon. As you can see in the chart, $XBI, the biotech ETF
that I like, has fallen to an important VWAP
and to the 50% retracement
. Today we bounced off of that level, forming a sort of hammer
candle on this Heikin Ashi chart. This fund is also currently at the bottom of the daily RSI
, which historically is a good sign. This could mean we see a bounce soon, possibly to $150 within the next couple of weeks. I may post more on biotechs now that they should be getting hotter, so be sure to like and follow for more ideas like this :) Good Luck!