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After Yesterday's Rally of 1.73% Shares Could Potentially Pullback

By Amy Schwartz

SPDR S&P Biotech ETF (AMEX:XBI) traded in a range yesterday that spanned from a low of $62.72 to a high of $63.61. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $62.77 on volume of 2.8 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 recommended that subscribers consider buying shares of SPDR S&P Biotech ETF on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.84. Since that recommendation, shares of SPDR S&P Biotech ETF have risen 14.0%. We continue to monitor XBI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of SPDR S&P Biotech ETF have traded between a low of $44.16 and a high of $91.11 and are now at $63.46, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 0.4%.

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

Ticker(s): XBI