Big Ben calls time on Compass
-
Ten Years to Save the Bank’s Forecasts?
2022-11-09
Biotech in Trouble?
I was bullish on biotech this summer as you know if you were reading back then. I set an alert on XBI's green trendline with the name "Biotech in Trouble?" It triggered near the close today. It's weakness strikes me as bearish and a follow-through on weakness would be bearish in general since this is one of the better performing rally sectors. Conversely, IBB the large-cap biotech still has an inverse H&S pattern going. Since XBI is more volatile nd smaller market cap, I view it as signaling market weakness. I also included large cap pahrma (IHE), small cap (XPH). medical devices (IHI), providers (IHF) and the overall healthcare sector (XLV).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment