Nearing The Danger Point®

Biotech, XBI, has pushed itself higher into a potential Up-Thrust (reversal) condition (not advice, not a recommendation).

If XBI gets to the 99.75, area, it’s a 38.2% retrace form the high set on September 19th, to the lows on the 26th.

Biotech XBI, Daily

Today is Fibonacci Day 8, from the highs of September 19th.

When downside momentum started to fade, short trade, LABD-24-18, was closed on the 27th, for a profit of 11.76%.

If XBI gets to the 38.2% area and stalls, it may present another low-risk opportunity for a short position (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