After new year, several sector ETFs enjoyed a good start so far. let's take a look if they still have momentum to go up or what could be the possible road map for next several days or weeks.
First is the biotech ETF: XBI which targets performance with mid-cap and small cap biotech companies. XBI took a wild roller coaster type ride all year of 2016 and lose 15.67% of its value. Can it outperform in 2017 compare to other sectors? XBI start the first week of 2017 very impressively. The technical indicators are all positive. MACD and PMO made daily golden cross. The price break out symmetric triangle and is ready to challenge the level resistance 64. If it can took out 64, next resistance will be top trendline.
The second is IBB which targets performance with big-cap and mid-cap biotech companies. Its price action during first week of 2017 is very similar to the one of XBI. The technical indicators are all positive. MACD and PMO made daily golden cross.
The third one is IHI (medical device ETF). Its price got huge setback during the last quarter of 2016. Now the price gradually get out of bottom and start rising. The short term upside target is the 0.5 fib: 137.5.
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