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Friday, July 28, 2017 4:34:43 PM
>>> Is XBI Taking a Breather or Establishing a Top?
By MPTrader | July 28, 2017
The SPDR S&P Biotech ETF (XBI) spiked to a new post-Nov high at 82.38 on Tuesday (7/25), which neared my optimal, upside target zone of 83.00/50 projected from the June 26-July 10 bull-flag formation.
Since then, however, it has reversed sharply, and has sliced beneath its June-July up trendline at 80.00, and briefly pressed beneath its flattening 20-DMA (79.01).
Yesterday's weakness inflicted some damage to the near-term uptrend, which is undergoing a, so far, minor correction that must be contained above 77.00-76.80 to avert XBI becoming vulnerable to a more serious, deeper correction.
The juxtaposition of my daily momentum gauges suggests strongly that unless XBI closes above 80.00, which will neutralize Thursday's negativity, we should expect another roll over into a retest of 78.15 - 77.00 near-term support.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By MPTrader | July 28, 2017
The SPDR S&P Biotech ETF (XBI) spiked to a new post-Nov high at 82.38 on Tuesday (7/25), which neared my optimal, upside target zone of 83.00/50 projected from the June 26-July 10 bull-flag formation.
Since then, however, it has reversed sharply, and has sliced beneath its June-July up trendline at 80.00, and briefly pressed beneath its flattening 20-DMA (79.01).
Yesterday's weakness inflicted some damage to the near-term uptrend, which is undergoing a, so far, minor correction that must be contained above 77.00-76.80 to avert XBI becoming vulnerable to a more serious, deeper correction.
The juxtaposition of my daily momentum gauges suggests strongly that unless XBI closes above 80.00, which will neutralize Thursday's negativity, we should expect another roll over into a retest of 78.15 - 77.00 near-term support.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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