$XBI Breaks Out of Downtrend

XBI I put this trade on yesterday morning as it broke above the short term downtrend line. However, I closed it near the end of day as the whole market was giving up its gains. (I did make a small profit).

I am now back in it again as it regains the 20 EMA (green). My stop is just below today’s low which also corresponds with the 20 EMA.
It looks like there “could” be resistance in the area it is trading today. I think if it can get over yesterday’s high, we could see it test the 50 DMA in red above. That is about $4 above where it is trading currently. All to be determined.

I did have a trade idea on this back on March 17th. Link to that idea below.

The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Comment:

XBI The market is helping XBI this morning. Stop raised so that this will be a profitable trade. no matter what happens.

Comment:

Take some money off when the market gives it to you. Reduced to 1/2 size.

Trade closed manually:

Taking all the money off the table on this for now. I will look to get back in at some point. But with the market fade this is fading too. I take profits as the market gives them to me.