CLICK ON CHART TO ENLARGE

The chart above looks at Bio-Tech ETF (XBI) over the past 3-years.

It has spent the majority of the past couple of years inside of rising channel (A), reflecting that its trend remains up.

It created a series of horizontal highs over the past few months, which could be the top of a bullish ascending triangle pattern.

Of late XBI is now breaking out and it is now above prior “weekly closing highs” at (1), which sends a bullish price message to this ETF.

Full Disclosure- Members are long XBI, with a stop just below horizontal highs.