GNOM - Biotech ETF hovers near one-year trading low but attracts over $1B YTD

Biotechnology exchange traded fund SPDR S&P Biotech ETF (NYSEARCA:XBI) hovers near its one-year trading low, but the investment community has shown recent interest in the fund as the ETF has experienced a large influx of capital in 2022. While XBI trades down 27% on the year and off 51% from its all-time trading high, market participants will notice that XBI accumulated heavy inflows of $1.1B year-to-date, demonstrating that investors are layering in longer positions despite its downfall. XBI also sits inside a technical support zone that has some investors thinking the fund may provide potential future upside as it has sold off hard over the past year. The ETF may be viewed by many as in freefall and others as a contrarian opportunity. Below is much larger weekly chart of XBI dating back to 2015. See how XBI has found itself trading near what some market technicians would call a key support zone. XBI trades as one

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Biotech ETF hovers near one-year trading low but attracts over $1B YTD