Killing Time:
Last Friday brought us our MONTHLY candlesticks for those that like to emphasize the long term. Well the MONTHLY chart below of the XBI is a good example of the saying is PRICE wont wear you out time will. Notice how this fund has been banging up against the very round par number, and the 50 MONTH SMA all throughout 2024 and this could be exhausting on the shareholder psyche. Notice the bull flag at this level too and a break above the 103.50, which could easily occur with some election volatility, and we could be presented with a possible beach ball held under water breakout. We have spoken about this MONTHLY chart previously in a bullish light and the reason I am optimistic this will eventually break to the upside is now it has worked ABOVE a bearish head and shoulders and we know from FALSE moves come fast ones in the opposite direction. The daily chart has meaning at that 103 level as it would be the pivot in an ascending triangle pattern would carry a measured move to 115 on a shorter time frame.