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After Yesterday's Rally of 1.71% Shares Could Potentially Pullback

By Shiri Gupta

SPDR S&P Biotech ETF (AMEX:XBI) traded in a range yesterday that spanned from a low of $67.29 to a high of $68.76. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $68.25 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend is monitoring the recent change of momentum in SPDR S&P Biotech ETF. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of SPDR S&P Biotech ETF in search of a potential trend change.

In the past 52 weeks, SPDR S&P Biotech ETF share prices have been bracketed by a low of $44.16 and a high of $91.11 and are now at $68.42, 55% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 1.2%.

Keywords: rebounders amex:xbi spdr s&p biotech etf

Ticker(s): XBI