Technical First

Depending on price action, the next several updates on XBI, will discuss the technical condition.

Then, we’ll get into behind-the-scenes or ‘fundamentals’.

With that said, we’ll start with the big picture, long timeframe; Fibonacci 8-Day

Biotech XBI, 8-Day

Price action has made it all the way back to 2021 manic highs, and stalled.

A potential double top.

Not present back in 2021, was the bearish (divergent) momentum condition highlighted by MACD histogram.

So, we have a potential double top, a terminating wedge and bearish MACD.

Stay Tuned

Charts by StockCharts, TC2000

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