XBI has been in a strong uptrend recently. For the past few days its been consolidating around 79.5. And I'm hoping to trap some of the buyers that took a long position on the move higher this morning.
GDX price wandered down below structure support and failed to find sellers to push it lower. I'll be looking for this to return back to the top of it's consolidation range and will think about letting it run to my second target if it has some good momentum on it.
We can see an inverse head and shoulders pattern on the hourly chart. Due to the weekly macd negative momentum and the longer term downtrend, I would think it's more likely for price to consolidate for a bit rather than move higher right now.
XBI had a failed attempt to move higher a couple weeks ago and didn't fall back down to the previous low level. This suggests to me a possible triangle formation forming. I will be looking to short if it can get back up to the 71 level and have buyers fail to drive the price higher.
Looking at the past few months on the downtrend. When price reaches the 20 day MVA (red line), it either pushes higher to the 50 day MVA or pushes lower to a lower low. I will be looking for price to move higher or lower from it's current position with those targets in mind.