Is The (short) ‘Risk’ Least?

Price action for biotech XBI, is compressed.

From a bullish side, today (as of 12:10 p.m., EST) is a daily reversal bar.

From a bearish side, we’re at the extreme for an upside test.

Market’s bearish tone: Several weeks ago on November 15th, the sector had its largest down-volume day, ever.

In Wyckoff terms, this has potentially negated the bullish case (not advice, not a recommendation).

Let’s see what price action in XBI, is saying about itself.

Biotech XBI, Weekly

As of this post, XBI is near the top of its weekly range, narrowing risk on a short position (not advice, not a recommendation).

We’ll leave it there and let the speculator make his/her decision whether or not action is warranted.

Stay Tuned

Charts by StockCharts

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