We are humans and before going forward we like to test and retest ...This time is not different and the momentum on the daily is starting it is transition into negative territoty + bearish macd crossover...
I open a long position in LABD yesterday but the drop in XBI will not come until next week..Friday should confirm the berish trade setup and i will be ready to increment position depending on the situation...I have a very tight stop loss and everyone should manage risk/reward before buying so play safe.
It looks like XBI is building another accumulation phase so watch closely, depend of new this will react negative or positive. I am talking about a big breakdown or breakout...The institutions are acumulatng a large position so if the new is bad it will be straight to 68 ... If it break trading range will retest last point of supply before going up. I am scalping LABD and so far i am killing it. If am correct xbi will see a retest of 78 before going up