One Up … One Down

No sooner had price action appeared to confirm a breakaway gap (link here), than today, it begins to threaten closing that gap.

With that said, we’ll look at two most likely scenarios for the coming session(s).

Biotech XBI, Daily

If XBI, manages to close the gap, it puts price action into an up-thrust condition as well.

A lower print keeps the breakaway gap intact and hints at much lower levels to come (not advice, not a recommendation).

Housekeeping

Short trade LABD-24-16, has been closed: Total Profit just over 11%.

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