Symmetry Trading on XBI forming a broad head and shoulders on the daily chart. Lets see if comes to reality. Selling LABU and buying LABD.
Comments: Looking to sell the around the 30 delta here in the October monthly, which is more aggressive than I usually go, but am fine with taking assignment, selling call against if it comes to that. Currently, the strike is bid 1.45/ask 1.65 with a 1.55 mid, so will look to get a fill "in that neighborhood." Just looking for some "engagement" in this broad...
Here we are looking at AMEX:XBI I am looking at an hourly chart with a renko chart on the ATR setting just to keep it simple. A huge wedge has been developing on XBI for awhile now and we have made a breakdown on the bottom trendline. We are currently at a line in the sand on XBI and either the bulls can hold it up or we really breakdown on this final support...
... for a .77 credit. Comments: Targeting the shortest duration <16 delta short puts paying around 1% of the strike price in credit to emulate dollar cost averaging into the biotech exchange-traded fund.
AMEX:XBI bounced from lower trend line. MCAD, RSI and William R% all curling up. It could head to $87. Targets: - $82 - $87 Key resistance area: $82. Key support area: $76. Like and follow me for more charts and trade ideas.
... for an .82/contract credit. Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the biotech sector. I'm fine with getting assigned, selling call against, but mainly just selling premium in some relatively high IV sector exchange-traded funds (XBI's at 30.9%) while I wait for some of...
The XBI Exchange Traded Fund (ETF) is provided by SPDR. It is built to track an index: S&P Biotechnology Select Industry Index. The XBI ETF provides physical exposure, so by buying it you actually own parts of all the 140 underlying holdings.
Positive reason for XBI - relatively equal weighted @ 1% - can not know which bio is going to be a winner! Like the 30 week moving average as an indicator. Thesis is as rates fall Bios will be more attractive! Supply of new drugs in big pharma is dwindling/ coming off patent and they need to replace with new drugs for revenue; so Big Parma will be looking to...
Looking at AMEX:XBI the biotech sector etf is showing some weakness. It needs to close above $85.95 to continue the uptrend, and not close below $85.60-85.58. If it does, the bearish cypher set up is showing a return to $84.50 w/ a bearish close.. Currently short AMEX:LABU NOT TRADING OR FINANCIAL ADVICE , PLEASE DO YOUR OWN DUE DILLIGENCE
It's almost time to go balls deep into bio tech... its going to be a big 2 years ahead of this one...
The AD is showing me an Ascending Triangle/ Bull Flag breakout in biotech w/ a price target of $160 BTFD
I've been wanting AMEX:XBI to drift downwards a bit and turn for a better low risk entry (add on). I think down to $86-$85.50 is potential area that could bring back buyers. This base looks nice.
min target if close below 84 is 82.57 w/ max target of 78. we're currently near the .382 fib level 83.56 (xbi still has more room to fall).. This move is to test the previous resistances as support. same move spy made.. look at how the . 382 was previously resistances and we cleared that level. now it wants to test the support. this trade pair w/ AMEX:LABU AMEX:LABD
On 4/11/23 our Algo alert software had a buy signal, today there is a really nice bull flag forming on the AMEX:XBI ETF Biotechnology sector
AMEX:XBI #XBI Creeping up. Overhead resistance at $90 - $96. Downside risk $80-$77. 👀