SPDR S&P Biotech ETF (US: XBI) Technical price action indicates a potential upside after a prolonged downtrend since February 2020:
*Expected timeline of the trade is 15 weeks from the date of report issuance.
*Price remains in a downtrend as displayed by Ichimoku. Resistance at US$119.07 must be broken to further confirm the upside.
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line
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