XBI Smaller-Cap Biotech ETF Looking Higher

Mike Paulenoff MPtrader

XBI (Generally, the Smaller Cap Biotech ETF) has been and still is in a well-defined up-channel since Nov. 2016. Within the dominant bullish channel, XBI is circling the upper third of the channel as it pauses in its upward traverse from the lower channel boundary (89.00) to the upper channel boundary (104).

From a nearer term perspective, as long as XBI weakness is contained in and around today's low at 95.20/00, the pattern argues for higher, into the area of the upper channel boundary at 104. However, a break below 95.00 will inflict meaningful near term technical damage that will point XBI towards 92-90 thereafter. Last is 96.97/98.

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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