Ascending Channel & Trading Setup : (NYSEARCA:XBI) SPDR S&P Biotech ETF

Here is an interesting ETF chart I created. 

DAILY CHART

 ZOOM AT DAILY CHART

     XBI is a Biotech sector ETF that delves to imitate the S&P Biotechnology Select Industry Index. At current level a reversal may be brewing from the upper channel extension(purple line). Most likely will find support around $100.68, subsequently following the lower channel extension. If by any chance there is a downside breakout, the first price target I suggest would be the yellow line that acted as a past rising wedge; which I think is very reliable given the fact that price has bounced from it more than 7 times since 2009. If the selling pressure persists, the next price target would be around $96.45, and so on. The second image basically adds one more ascending line at the middle of both converging purple lines; serving as key S/R levels likewise.

Alexander Schachter