Biotech has been in a daily uptrend that has been characterized by highs forming above the upper daily cycle band and lows forming above the lower daily cycle band. Biotech formed a daily swing low on Tuesday. Forming a swing low above the lower daily cycle band indicates a continuation of the daily uptrend and signals a cycle band buy signal.
Biotech closed higher on Wednesday, running into resistance at the converging 10 day MA and 200 day MA. A close above the converging MA’s will indicate a continuation of the daily uptrend and will signal another cycle band buy signal.
Cycle Trading 
Leave a comment