XBI (SDPR S&P Biotech ETF) Again Poised for Upside Continuation to New Highs

Mike Paulenoff MPtrader

Our Model Portfolio is long XBI at 83.62 from 9/11. Today's upmove of 1% has popped the price structure towards another test of key near term resistance lodged between 84.40 and 84.60, which if hurdled on a Point and Figure print of 85.00, will trigger new buy signals that project to 86.00 at a minimum up to 87.40 thereafter to complete the larger upleg from the 74.40 area.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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