IBB is forming an ascending triangle, which is a continuation pattern after the breakout. Important to note the 20sma, which has been very supportive in the trend. The is also some support we can see many candlesticks with bottom wicks, meaning the shorts were met with buyers very quickly.
The biotech sector is really interesting when you dive down into the symmetry of the last few cycles. Early 2000s-2008 and 2016-2018 are mini rallies within the bigger wedge. If this pattern is to continues, you can look for entry around the end of 2020 when we bump up against the larger support line (around $3600), and expect to hit the resistance of the larger...
There is one useful way to determine when a trend is over and that is using a 50% "speedline" of a move. The decline from $400 in $IBB, the IShares Nasdaq Biotechnology Index Fund back in July 2015 and then tumbled 40% to $240 on February 9th, 2016 and later retested $240 on June 27, 2016. The mid-point of that decline is $320 and a line drawn from...
Short for the mid term and long for long after that. Short at this numbers and looking to see what happens in the short term testinf the MA50 months.
Nice opportunity to buy #BBH stocks. We have triangle and breakout. It's strong signal to buy.