We've seen the IBB have trouble with this 368 level many time. We've now touched on it 3 times. and the highest probability move would be back down to the low of the May18-June 6th Channel.
While I still expect a bounce from the oversold condition onthe indexes (QQQ's etc) I am considering a speculative IBB Put (Short) Position for the next 2/3 trading days.
We are at the lower end of the Implied Volatility range on IBB (31%), so the premium is fairly reasonable.
One Contract for a 365 Strike Put with about 11 Days to expiration costs $600, and would be worth $900 if IBB hits 361 (or the bottom of its channel). Thats a 50% Gain.