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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.
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