Don't own XBI. Below analysis is only for educational purpose & not a buy or sell recommendation.
1 & 2 : Double bottom test couldn't break the initial low. Confirming strength from buyers - Bullish 3: Last lower high in the downtrend & converting that resistance into support by re-testing it on low volumes - Bullish 4: Resistance confluence of consolidation high & long term trendline resistance broken with strong volumes – Bullish 5: Recently established weekly resistance level broken though more volume would be desirable – Weakly bullish 6: Long upper wick bar formed on high volume creating resistance at its high. Price later closed above it – Bullish 7: Consolidation zone 8:Long term trendline Key things to look for: A re-test of the $78-$80 area would be desirable to confirm its conversion from resistance to support. A close below the $72-$73 area would change the odds in favor of bears from bulls. Good luck!