XBI Consolidating Just Below Major Pivot

Long

SPDR Series Trust SPDR S&P Biotech ETF (AMEX:XBI)

AMEX:XBI SPDR Series Trust SPDR S&P Biotech ETF

supportandresistance pivotpoints movingaverage xbi biotech

XBI, the S&Ps Biotech ETF has been ranging nicely just below a major pivot that has acted as resistance for over two years. Bounced off the 20 EMA on the daily and made a beautiful candle on Friday. Anything that happens below $95 must be taken with a grain of salt, but it looks like it wants to breakout and flip that resistance pivot to support.

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