jamison.gaddy

Weekly chart finding support a 50% retracement

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
IBB
73 0 2
ibb
We are seeing organized accumulation at the 50% retracement which mean the overall trend for IBB             remains intact and bullish . Failure to hold the 50% threshold would suggest that prices could breakdown to $200. In the meantime demand is contracting on this smaller timeframe rally. This will likely result in a re-test and confirmation of this level following any potential break. If a re-test happens on light volume this is an ideal long entry. If the re-test is on greater than average selling volume watch out below.
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