SPDR S&P Biotech ETF Forecast
Weaker technical forecast for SPDR S&P Biotech as ETF downgraded to Sell Candidate.
(Updated on May 10, 2024)
The SPDR S&P Biotech ETF price fell by -0.94% on the last day (Friday, 10th May 2024) from $88.98 to $88.14. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 3.20% from a day low at $87.68 to a day high of $90.49. The price has been going up and down for this period, and there has been a 5.57% gain for the last 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 9 million shares were bought and sold for approximately $769.63 million.
The ETF lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -11.77% during the next 3 months and, with a 90% probability hold a price between $70.58 and $81.65 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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XBI Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The SPDR S&P Biotech ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $89.37 and $88.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -2.69%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for SPDR S&P Biotech ETF
SPDR S&P Biotech finds support from accumulated volume at $87.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $2.81 between high and low, or 3.20%. For the last week, the ETF has had daily average volatility of 1.93%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (XBI) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect SPDR S&P Biotech ETF to open at $88.77, and during the day (based on 14 day Average True Range), to move between $85.79 and $90.49, which gives a possible trading interval of +/-$2.35 (+/-2.67%) up or down from last closing price. If SPDR S&P Biotech ETF takes out the full calculated possible swing range there will be an estimated 5.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $87.39 (0.85%) than the resistance at $93.85 (6.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SPDR S&P Biotech ETF ETF A Buy?
SPDR S&P Biotech holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.
Current score: -4.225 Sell Candidate Downgraded
Predicted Opening Price for SPDR S&P Biotech ETF of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $88.77 ( 0.715%) | $88.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XBI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 91.58 | 3.90 % | |
| R2 | 90.51 | 2.69 % | ||
| R1 | 89.84 | 1.93 % | ||
| Current price: | 88.14 | |||
| Support | S1 | 87.70 | -0.503 % | |
| S2 | 87.03 | -1.26 % | ||
| S3 | 85.96 | -2.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.89 | 16.73 % | |
| R2 | 101.53 | 15.19 % | ||
| R1 | 93.85 | 6.48 % | ||
| Current price | 88.14 | |||
| Support | S1 | 87.39 | -0.85% | |
| S2 | 84.62 | -3.99% | ||
| S3 | 82.19 | -6.75% |
XBI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.0140 | 0.0166% |
| 2 | Jan 17, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.0030 | 0.0035% |
| 3 | Jan 21, 2021 | Mar 22, 2021 | Mar 25, 2021 | $0.0400 | 0.0296% |
| 4 | Jan 15, 2020 | Dec 21, 2020 | Dec 24, 2020 | $0.176 | 0.117% |
| 5 | Jan 15, 2020 | Sep 21, 2020 | Sep 24, 2020 | $0.0890 | 0.0824% |
FAQ
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