XBI Reversal Inevitable?
Taking a view from the long term I see the following:
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is showing a bullish divergence
Would expect a test of ~118 within 2-3 months.
After this we'll have to see if it will start to trade sideways in the 100-120 range, or if it's ready to go for new highs.
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is showing a bullish divergence
Would expect a test of ~118 within 2-3 months.
After this we'll have to see if it will start to trade sideways in the 100-120 range, or if it's ready to go for new highs.
Trade closed: stop reached
Was a bit optimistic again it seems.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.