Presently, the ETF is in a tight, sideways range, holding above its 10-day MA. XBI is also trading at an all-time high, meaning there is a complete lack of overhead supply. We intend to buy XBI on a breakout above its recent consolidation, or a pullback to its 20-day EMA (presently at 62.83), whichever occurs first. The consolidation of XBI is shown on the daily chart below:
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