Was That It?
If this morning’s upside ‘attempt‘ was all there is for biotech XBI, then it’s just a blip on the RADAR screen.
If so, the sector could be entering a very dynamic phase (not advice, not a recommendation).
There’s always the chance, price action is slowing to mount another try at the upside.
However, if the trading channel with its trendlines remains in-effect (shown below), lower prices are the higher probability.
Biotech XBI, Daily
At this point in the session (11:42 a.m., EST), XBI has made a new daily low but more importantly, has not made a new daily high.
The ‘blip’ higher at the open, may have been the best chance for a Wyckoff spring to develop; so far, it’s not happening.
The Fibonacci channel previously discussed (here) remains in-effect. This morning’s action appears to be confirming the right side trendline (not advice, not a recommendation).
Stay Tuned
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279
Pingback: Biotech, XBI … Implosion « The Danger Point®