One of the less popular forms of charting is Ichimoku Clouds. I've lightly watched them over the past few years and noticed the very bottom boundary line seems to provide support in major uptrends. They have some crazy name for that bottom boundary. Maybe it's Tenken something or other.
Anyways the key point is, multiple charting disciplines are suggesting we're at a major support zone in Biotech ETFs IBB and XBI. I wouldn't be surprised if we get another bounce here. We can't judge the strength of any potential bounce based on this info, but we have an excellent area to trade against as our RISK.
Some Light Reading on Cloud charting
Thanks for reading! Trade 'em well!
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