novvoll12
Short

IBB $339.34: Corrects to break below 6-1/2month rising trendline

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
ibb
69 0 1
ibb
IBB             corrected lower from the YTD high at 374.97 (March 20, 2015) to break blow 6-1/2 month rising trendline (as shown on the weekly chart), signaling prolonged consolidation near term. Bears look to test the range support at 333.78 (March 26, 2015 low). A breakdown is needed confirm a double top at 374.97/368.25 and weaken further towards the 305.01/302.98 long term support area . However, if the 333.78 area holds dips, that would reinforce the level as support. Back above 353.11 would suggest scope for further gains towards the 368.25 swing high (April 23, 2015).

Outlook:
Short term: bearish
Long term: bullish