The Biotech SPDR (XBI) is starting to lead the market again with a consolidation breakout and 52-week high. The chart shows the ETF hitting an initial 52-week high in February and then consolidating for four months. It looks like this consolidation is ending and the bigger uptrend is resuming with this week's breakout. Using a parallel channel for a target, the upper trend line extends to the upper 80s by August-September. The indicator window shows the PPO(10,40,1) in positive territory since August 2016 and this confirms the long-term uptrend.
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Thanks for tuning in and have a great day!
--Arthur Hill CMT
Plan your Trade and Trade your Plan
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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