Update (1): $IBB long term bullishSeems like a valid break-out. If this close above the red pivot, i will add 1/2 position (2019 july call).
IBB trade ideas
IBB short biotech going to low 80sIf this chart pattern plays out we are looking at a huge downside acceleration.
EW count is on the precipice of a third of a third of a third wave lower.
Also classic H+S top with neckline break needed for confirmation (target 83 area).
Short 110.50, stop 115.50, target sub 85 level coming weeks/months. 5/1 return/risk.
IBB middle-long-term bullishIBB breat above pivot (red). 200 MA also passed.
Bought some 2019 calls.
Target is the green pivot.
Bullish Options Action Trade for June 4th, 2018On Friday's Options Action, the crew analyzed the performance of the biotech sector. Large cap biotech stocks have underperformed small cap over the past few years and started to show signs of outperformance lately. Many of the larger cap biotech names have very cheap valuations and have bottomed over the past few weeks. Coupled with the bullish channel on IBB suggests a bounce higher to the upper trendline. Expecting IBB to trade higher, Michael Khouw suggests buying a July 103/110/117 Call Vertical Risk Reversal for a $1.25 Debit. As of Friday's close, this spread is trading at $1.60.
We've structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience.
View this OptionsPlay on IBB - app.optionsplay.com
$IBB Longer term view looks fine for now.The weekly & monthly on $IBB still looks intact to me. Since the sentiment is overly bearish I think I should think on the contrarian. Weekly and Monthly approaching this 100D SMA and it may take some time but I would keep this as a side chart or block scan alert
IBB Biotech on the precipiceIf this H+S top pattern plays out (need close below 100) then low 80s could be on the cards
IBB Responsive short point herePFE brought down the whole XLV today. This is logically the point where sellers poke their heads up.
IBB Strong BuyMay be the lowest you'll see biotech
Current pressures on the sector will blow by
PT 1: $400
PT 2: $500
