Don't Ignore This Chart

Pointing To A BioTech Breakout In XBI?


XBI, IBB, SBIO and numerous other Biotech ETF's have surged the first few days of the new year. They all look set to breakout so you might want to tune your eyes into the area for at least a few interesting charts. I thought the last two times were also going to break free, but the new year, new start might be just enough to get it done this time.

The SCTR is already above 90, so there is plenty of momentum as it tests the big trend here. It wouldn't take much to make new one-year highs in Relative Strength (purple) to really push it onto the institutional investors desk. The volume has been about 15% above average so it is very interesting here.

Tom Bowley and I will be covering off the 2017 Market Outlook in a special edition Saturday morning webinar. Click Here to register on our Webinars page. We'll see you there!

Good trading,
Greg Schnell, CMT, MFTA


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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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