Investor4321

Biotech Sector Likely To Bounce

Long
AMEX:XBI   SPDR Series Trust SPDR S&P Biotech ETF
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!

Comments

A rough ride is an understatement. FLGT should apparently be the stock of the year with its shining earnings reports, yet the last 2 months have been abysmal.
+2 Reply