On Target, On Time
The last update on biotech XBI, ended with this:
“However, it’s just a sneaky suspicion, XBI may try to inch itself past the daily highs of April 9th, and April 11th (not advice, not a recommendation).”
Fast forward to now and here we are.
We’re at Fibonacci 55-Days, from the closing high on February 27th; today’s price action opened the session by penetrating highs of April 9th and April 11th.
Doing so, puts XBI in up-thrust (potential reversal) position.
Biotech XBI, Daily
We can say, XBI is at The Danger Point®
As this post is being created (10:34 a.m., EST) price action appears to be eroding from the early session push higher.
The typical market characteristic for XBI, is to retest in the second hour or so of trading; in this case that would mean a move back to the highs.
If that does not happen, it adds weight to the potential reversal scenario (not advice, not a recommendation).
Stay Tuned
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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