jamespwu

IBB intermediate bottom could be in place if uptrend line holds

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
38 0 0
IBB             held its long term support around 250 yesterday. I reviewed the weekly chart again found 3 signs that the intermediate bottom for IBB             may be in place. 1) Weekly RSI is almost at the bottom. 2) the ETF held the 250 area, which is long term support going back to 2011. 3) Its at the bottom of a weekly bollinger band set at 2.5 SD             . I was long the stock yesterday for a bounce. First level of resistance is 275 area. But if 250 does not hold as we all know things can get extended, the next support area will be 218 to 220
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