Trading Channel

Biotech is one of those sectors that’s been elusive, hard to pin down.

The last update was in January, link here.

Note: that update identified the exact high (so far), for the sector; shown as ‘Day 1’, in the chart below.

Since then, it’s been what looks like mindless, sideways congestion; until yesterday, and today.

Before getting to the chart, recall there’s a Fed announcement coming up.

That may bring volatility, or it could be much ado about nothing.

Biotech XBI, Daily

There have been two contact points on the right side (supply side) of the channel; the most recent, during yesterday’s session.

As of this post, there are no short positions (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