XBI Support on daily, may decide next few weeks (ichimoku)
We experienced a very large pull back the past few days and it is reaching the previous high. This may serve as a support on the daily chart.
Looking at the ichimoku, there have been two points recently that the chikou span struggled to cross through the price to signal a bearish sentiment. If this pushes through it may be possible that we are more in the bearish territory and looking for entries on shorts would be best.
Projecting the trend to the cloud, we can also see that the price has been decreasing faster than the projected forecast of the cloud. This may signal a very strong bearish sentiment.
If the chikou span crosses the price and the price crosses the support, I would look into short entries.
If the support holds, I am expecting to go back to the recent highs for atleast a 10% return.
Looking at the ichimoku, there have been two points recently that the chikou span struggled to cross through the price to signal a bearish sentiment. If this pushes through it may be possible that we are more in the bearish territory and looking for entries on shorts would be best.
Projecting the trend to the cloud, we can also see that the price has been decreasing faster than the projected forecast of the cloud. This may signal a very strong bearish sentiment.
If the chikou span crosses the price and the price crosses the support, I would look into short entries.
If the support holds, I am expecting to go back to the recent highs for atleast a 10% return.