IBB trade ideas
BIOTECH sector on situation!Either going to bounve, or brake nasty... I think it's going to bounce and then die. Look for neg divergences to short later...
Biotech IBB ETF weekly chart at critical areaWe are either going to test that 200 ma quickly again or bulls need to show up.
Mid Keltner channel is the rejection pointThis week, it needs to convincingly slice thru the mid,$292.76, or rejected
The breakout everyone is talking aboutBuyer sub 285 on any morning weakness. I blew this trade yesterday. Made money but got shook out too soon.
$IBB Defended LT TrendLinepossible sequence:
261.52 --> 283ish then pullback
261.52 --> retest of 247ish before targeting 283ish
261.52 --> retest of 247ish before targeting 210 area
Triple top and bearish divergence Tripple top and bearish divergence mean IBB will likely go lower before setting new highs
IBB@chim
downward channel with triple top at .618 fib retracement
however doubt bottom with second bottom higher than first could be a new uptrend or bear flag forming
approaching downtrend line I might short IBB near that down trend line.. $ILMN got sold off after ER.. $CELG and $GILD same old story, nothing really changed. all this should keep the bulls away from IBB for a while.
Biotech chart is almost split in two and wanting the other sideFull recovery can't start until we base over 286
Check out weekly momentum on biotech. The tide is turning.Need a neutral to good close to the week tomorrow.
