novvoll12
Short

IBB 300.99 Bearish – Oversold bounce requires caution

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
IBB
13 0 0
ibb
IBB             300.99 Bearish – Oversold bounce requires caution

IBB             slumped from the 400.79 record high (July 20, 2015) via the 366.56 lower high (September 14, 2015) to reach 285.53 (September 29, 2015 low), shy of the 284.16 spike low (August 24, 2015) before ranging. Given the strong bearish momentum, a swing high under the 329.20/330.60 resistance zone (January 26 high/April 27 low, 2015) remains likely ahead of the next downleg to test 284.16 and 279.90 (38.2% of the 83.96/400.79 rise (August 8, 2011low/July 20, 2015 high). Below there would risk 247.86 (October 13, 2014 low) near 50% of the 83.96/400.79 rise at 242.34.
However, stronger than expected recovery through the 330.60 area would stabilize the structure and improve the outlook for 366.56.

Outlook:
Daily: bearish
Weekly: bearish
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