XBI trade ideas
XBI on watch for continued weaknessLast week despite a very strong market XBI high broke away from the monthly trend zone line. Now there is lots of volume at this level so this is not a screaming short. This is an area showing lots of relative weakness.
Short XBI: Target Price $20 from $70XBI is making head and shoulders pattern will drop to the origin. stocks bear market are coming.
XBI Triangle ConsolidationNext week. I'll be looking to enter a long position if price can get back down to the previous support levels.
XBI may be in another triangle with potensial big downsideXBI S&P500 biotech index may be in another rising triangle, we see price action at top of triangle for possible short entry. Instrument LABD x3 can be used for shorting this index.
long soonme thinks XBI drops one more time, flush out some longs. and then have a strong reaction bounce followed by consolidation.
will buy LABU on the breakout of that consolidation
XBI Possible Triangle FormingXBI 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.
XBI to continue lowerXBI has tried for the past couple of days to move higher and has failed. The intermediate term trend is lower and I like the chances to continue lower for the next couple days.
XBI Potential Rising WedgeXBI is right at previous structure resistance with strong upwards momentum. There is a potential rising wedge pattern emerging on the hourly timeframe.
putspread for 30 days with 12% ROI on $XBIMarket is range bound, My favourite indicator ( Alligator) is falling a sleep, while the market is grinding higher after the latest Trump scare.
After the latest bounce of the support at 66 area, I think its time for a put spread below that area
I priced a -64/+62 may monthly puts, for a 12% roi for 30 days.
XBI Wedge Breakout PullbackI believe buyers are gaining control for XBI, I'm going to wait for the hourly chart to reach more oversold conditions then look for the price to continue higher.
$XBI - 67.18 pulled back to TrendLine, can it V from here?Biotech ETF, 67.18 pulled back to TrendLine, can it V from here? or at least Hold on to this support zone.
XBI Quick ShortI'm going to wait for the trend line break and a confirmation candle, hopefully get involved no lower than 67.2
XBI Possible Falling WedgeXBI is retesting recent lows and appears to be creating a potential falling wedge pattern.
$XBI 69.38 pulling back, MF red, resistance 72BioTech XBI 69.38 pulling back, Money Flow bearish, resistance 72, target 67
