XBI had been in a bear market for months. It tested support at 127.50 multiple times. It finally broke out of it's descending trendline yesterday and back tested it today and found support.
It should pullback a little from the 20SMA on the daily then head higher. Good opportunity to buy on the pullback.
Should hit some resistance around 139.50 which is where the 50SMA on the daily should be.
If it can break those MAs then the next resistance level should be 149.
It should pullback a little from the 20SMA on the daily then head higher. Good opportunity to buy on the pullback.
Should hit some resistance around 139.50 which is where the 50SMA on the daily should be.
If it can break those MAs then the next resistance level should be 149.