This is XBI at the 4 hour view. It seems that my biotech channel was a success. XBI tried to gap above the top of the channel. However, whenever the price goes above the long-term channel, it tends to get hammered right back in.
This may provide some safer short opportunities under these conditions.
1) XBI is at the top or above the top of the channel.
First 5 years were quite disappointing for XBI, as it was locked in a big "penalty box" from the spring of '06 to the spring of 2011... BUT is was slowly building a BIG ascending triangle, fraught with false breakouts (blue arrow), and FINALLY, a break-and-retest of the all time highs (green arrow). From this ATH (upper boundary of the box), to the blow-off top in...
Please check out my blog post for the full details:
Now we may be seeing a double RSI divergence coming up here, which is where we exit another third of our position. Very key to also think on the bullish side here and consider that the RSI could hit new highs, which discounts the bearish...
I've noticed that most tech related ETFs and the NQ are in the same general channel.
This is the XBI at the 4 hour view. It's the biotech ETF. As you may see, my buy zone is way below. This may be due to the coronavirus vaccine hype. Not sure.
Either way, biotech has been grinding at the top of my channel for a while. If it pops above it, it will likely get...
Need to see short term continuation above the recent 114 resistance, S/R flip possibly, to remain bullish.
Strong move up from recent flag after flag pattern, but the quick stall out causes concern for weakness.
If it fails to overtake the 114 level, then likely pullback to the volume shelf around 104 which could coincide with a MACD bearish crossover and...
This is a complex play that involves a lot of risk and the use of options on both ETFs and Stocks.
Goal: Capture the apparent sector rotation activity between Biotechnology and Specialty Retail.
I have been waiting quite some time for these two sectors to start playing out the way they ought to, based on earnings across the board and common sense.
I see LULU's...
What I see...
+ Long hammer that closed above 10ma
+ 50ma has just crossed above the 200ma
+ Prices have just broke above the neckline of a head and shoulder pattern
+ RSI is flat at 59.2
+ MACD is below the signal line but in bullish territory
+ 10ma continues to play Support role
- Bearish engulf on -1d bar
- Today's vol. is lesser than -1d
What I setup...
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What I see..
+ I tried to get into XBI last week but got stopped out
+ Friday's bar painted a bullish kicker with a strong close above 10ma
+ MACD is bullish but merged
+ RSI at 63
+ Bollinger is narrowing...
- Immediate resistance at all-time high
- 50ma is still under 200ma
* 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...