A crucial turning point will be when LABD enters the Bearish zone
$S&P Biotech Bear 3X Shares(LABD)$
The weekly trend of LABD entered the Bullish zone 15 weeks ago and has been ongoing since. During this period, it has shown a combination of upward and corrective trends, resulting in a cumulative gain of 56.1%. The stock has demonstrated a strong positive momentum within the Bullish zone. What's particularly encouraging is the anticipation of continued upward movement.
Recently, there has been a slight weakening in buying pressure during the ongoing upward trend, indicating a corrective phase for the past 2 weeks. However, starting this week, there is a resurgence in buying strength, suggesting the beginning of another upward trend.
This pattern is expected to persist for the next 3 weeks before a corrective phase, followed by another upward trend. The anticipated future gain is around 55%, but this projection might be adjusted based on the evolving trend.
The correlation with the US market is low at 32%, indicating that LABD moves inversely with the market 68% of the time. This makes it an attractive investment, especially during market downturns. Given the expectation for LABD to remain in the Bullish zone for a significant period, it presents a highly favorable long-term investment opportunity.
A crucial turning point will be when LABD enters the Bearish zone. When that happens, I will update the analysis accordingly. If you have any questions, please feel free to leave a comment.
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