XBI eyes on $87.87 for support: Biotech due for a bounce?

Apr 5

Biotech is still near its Covid lows.
This etf is about to test a key level.
Expecting a bounce here, lets see.

$ 87.87 - 88.99 is the immediate support.
$ 79.23 - 80.50 is the next strongest support.
$ 93.15 - 93.21 the first major resistance above.

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Apr 8

Note

Got a little bounce where needed


Zoom IN (m1) with notes added:

Ideal bounce would have been from TOP of support zone not bottom.
But we did bounce up to a right confluence to 2 fibs and now resistance.

Zoom OUT a bit (m5)

Thinking we get a retest of our support zone,
hopefully bounce off top of zone at $89,
then a leg up to next dual fib res at $92.

Currently Sunday night, lets see what new week brinks when US opens.

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