ProShares Ultra Nasdaq Biotechnology seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq Biotechnology Index®.
We into the retracement of buy ( long term ) cycle, which means a re-accumulation would happens before it starts moving upward seriously again. On the daily supply is still pretty heavy, which tells me more absorption of it have to happens and a spring ( move downward on steroid) is even a possibility to happens right now, which means price would go test lower...
Textbook chart of an ending bottom and new uptrend starting. I don't want to miss out on this one, this could easily become the trade of the year.
The breakout is now confirmed, but i want to wait for a nice correction before entering.
S&P Biotech:
Blessings to you all.
Industry: Biotechnology
EPS due date: n/a, ETF
Horizontal S&R: some
Channel S&R: no
MA S&R: some, 20ma
>200ma: yes
Volume confirmation: no
Candle Confirmation: no
Stoch Divergence: no
Reg Trendline >85: no
Short Float: no
Risk / Reward: 1.2
Any feedback is welcomed.
Kind of a neutral setup. But its a beaten up sector, maybe time to bounce.
Monthly support shelf is holding in cloud so far. Kijun is flat which means prices are in range .
Weekly:
We got reversal from support zone . this support has been tested 4 times and we bounced again. Still below coud and at 200 sma
Daily:
Prices testing cloud top. we have tk cross.
Watch it for now. A close above resistane might cause prices to catch up to...
