Direxion Daily S&P Biotech Bear 3X Shares (LABD)

[value1008]

To see what's going on with LABU/LABD, one really needs to examine the chart for XBI. I've put in Bollinger bands and Ichimoku cloud-band parameters (which show the 9dma and 26dma)-- unfortunately, Stockcharts.com and/or IHUB will revert the chart within several hours to just showing the 50dma and 200dma and MACD & RSI. But plug in Bolly bands and Ichimoku cloud TA (for those 9 and 26dma) and you'll see what is happening:

XBI tested then bounced off support at the 20dma (mid-Bolly band) on Aug 10-11, then came up, dipped, hit resistance at the 9dma, then surged above it as the "Risk on" sentiment persisted in the markets-- there's been talk of a sector rotation back into healthcare (including biotech), so XBI could easily fly back to $65, 70 or 75 level before this is over.....

Worth watching is what it does tomorrow or the next day if/when it hits its upper Bollinger band and also the horizontal price level of recent highs.... If it jumps above, it has a lot of s/price recovery from the bad fall that started in late Dec. 2015.

I was watching LABD carefully (as a lurker here) the past few weeks but just could not pull the trigger after seeing the strong post-Brexit rally in USA markets.