$LABU - 3 X BULL BIOTECH ETF -
Added 2024-05-08 17:33:01 +0000 UTC$LABU we have to admit is looking very well here.
Broke out of the long wedge in December and has perfectly hit the First Target level already at $180.
It has now given us our pull back and has held in between the 0.618 and 0.78 Fib, little weakness there but the 200 Day MA has recovered very well.
The price is now testing the 200 Day MA from above to confirm that this is a higher support level.
Holding here and getting back above the 50 Day MA at $120, would confirm the reversal for me and a bounce back to the First Target next is what I expect to see.
Losing the 200 Day MA will not be a good sign and that weakness indicator was an early signal.
