Like so many speculative growth ETFs and stocks, the S & P SPDR Biotech (XBI) ETF is nowhere close to its former all-time high from early 2021.
Even though the ETF now is up considerably from that point, many traders still have wanted nothing to do with it.
We can understand why, especially when so many other stocks surpassed their respective former highs many months ago.
The vertical blue lines depict when the 50-DMA crossing OVER the 200-DMA led to strong and extended upside follow through.
It's been a challenging few years for XBI, but as these charts show, the blueprint for a continued comeback is there.
Persons:
It's, XBI, Frank Cappelleri
Organizations:
SPDR Biotech
Locations:
Nasdaq