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dorfmanmaster

Biotech in bearish trend

Short
iShares Biotechnology ETF (NASDAQ:IBB)  
dorfmanmaster Updated   
NASDAQ:IBB   iShares Biotechnology ETF
Trend Analysis Technical Indicators Harmonic Patterns biotechnology biotech shortsetup MRNA AMGN GILD BNTX BIIB VRTX
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trendanalysis indicator harmonicpatterns biotechnology biotech shortsetup mrna amgn gild bntx biib vrtx
50sma has been an important moving average for this ETF.

We see 3 consecutive tests of the 50sma as resistance and a bounce lower.

As we see lower highs and lower lows, the bearish trend is confirmed.

I expect we fail again and test the blue line ($144.5).
Comment:
Another opportunity to short is presenting if we can't get above the $144.5 blue line again.

If we test it and head lower, the next target is $130
Trade closed: target reached
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