IBB, GILD and CELG - Is this where we see a bear channel build? As you can see this issue has broken its green uptrend to the downside. Now its all about whether or not this issue and those who look like it (CELG, GILD) build out bear channels (orange) and then break to the downside once they complete a bear channel. Later today I'll be posting more charts that look like these so stay tuned for more.
These are not recommendations. Strictly for informational purposes only. Do your own research.
IBB
CELG looks ready to make move lower This major cap biotech company borke its major support at $150.
Now it acts like resistance.
ENTERING with tier1 here with STOP above $150 and will ADD through $144 for a poential move to April's lows at $134-$136 (first TARGET)
IBB (biotech ETF) looks very weak.
BULLISH WICK AT 50 FIB IN SMALL/BIG CAPS RATIOUsed this chart to start short positions three times so far at 1,618 fib area, backed by bearish divergence.
Bullish wick at 50 fib area is be aware of and evaluate positions and risk. Reverse bullish divergence might help a higher beta performance this coming week.
Cheers and the best of luck
Panos