IBB trade ideas
IBBBroke out of numerous parallel and contracting channels while complying with indicators. Either confirmed uptrend continuation or if you are a contrarian - short big time
BIOTECH monthly IBB nasdaq Current and potential trend scenarios:
Decreasing volume on the monthly in recent months
currently looking to break upper trend line for a breakout.
A break down on strong volume toward the lower trend line may break for a considerable pull back.
Broke above 312 key area.. continuation?$IBB today turned 310 into support today also broke 312 key level and turning that into support.
$IBB 4hr: of interests (downtrend line broken)Liking this setup plus market looks good. $318-$325 nice target range
IBB Waiting for pull back after nice breakout Biotechs have just breaken out nicely. I will be waiting for a pull back for a good R/R entry.
IBB Pullback to 50% retraceIBB has pulledback 50% of its most recent impulse move to the upside. I bought a call option here and will possibly add to the position if the market holds up as expected. Targeting 333-334 area
IBB should push higher - 329 area in next month or soLong some IBB calls at the 313 area. Expecting 320 area for the short term target where I will close half my position. Leave the other half to attempt a run up to 329 territory.
Road map of Biotech stocks in the long term. IBBIBB is in the B wave of a huge 4th wave correction. The B wave is maturing and we need to watch minor wave 3 vs wave 5 divergence and important fib level of 339 to confirm the wave count.
