Is BioTech ETF Set for a Rally?
* Comments and Likes are appreciated *
What I see...
+ Head and Shoulder pattern started forming as early as Dec
+ Found Support back in mid-March
+ Tested $100 neckline and pulled back to the .786 Fib
+ Last week, prices retested the neckline and consolidated in a side way move painting 2 NR7 bars
+ MACD is flat but in positive territory
+ RSI is at 64 after bouncing off of 50
- Prices pulled away from 10MA
- 50MA is still under the 200MA
What I setup...
+ Long above neckline
- Stop under last week's channel low
+ Target is 618 Fib
What I see...
+ Head and Shoulder pattern started forming as early as Dec
+ Found Support back in mid-March
+ Tested $100 neckline and pulled back to the .786 Fib
+ Last week, prices retested the neckline and consolidated in a side way move painting 2 NR7 bars
+ MACD is flat but in positive territory
+ RSI is at 64 after bouncing off of 50
- Prices pulled away from 10MA
- 50MA is still under the 200MA
What I setup...
+ Long above neckline
- Stop under last week's channel low
+ Target is 618 Fib
Trade active:
Long entry triggered.
Trade closed: stop reached:
Stopped out @ Loss 0.43R