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Biotech breakout of bullish pattern in play!

Courtesy of Chris Kimble (posted at Zero Hedge)

Bio-tech used to be an upside leader over the broad market coming off the 2009 lows. Bio-tech gave up its leadership back in 2015, where it peaked and started under performing the broad market. Over the past 15-months, Biotech has started acting a little better.

Below looks at Bio-tech ETF XBI and updates the pattern is has been forming of late.

XBI Weekly kimble charting solutions

Bio-tech ETF XBI is in an uptrend since the lows in early 2016. Of late it looks to have formed a bullish ascending triangle and is working on a breakout at (1).

We highlighted two overheadtests that could become potential resistance zones that could become overhead tests.

This information is coming to you from Kimble Charting Solutions.  Home of the Power of the Pattern where we provide Concise, Timely and Actionable chart pattern analysis and commentary so in very little time you know the pattern at hand and action to take 

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