Moving average convergence/divergence crossover on multiple timeframes, RSI rising quickly out of overbought area, price bounced off of a long term price support/resistance line.
Target $70 : Tight stop loss
Bull flag that looked for a short while like it was pulling a head-fake and retreating but in the last hour of trading (as always) my instincts are rewarded and it continues to climb up. I've put in a prospective overhead resistance but remember to trail your stops because anything can happen! Other ETF's are looking bullish too like DRN, SOXL and TECL.
This is a Bullish indicator signaling LABU's price could rise from here. Traders may explore going long the stock or buying call options. I identified 41 similar cases where LABU's MACD histogram became positive, and 39 of them led to successful outcomes. Odds of Success: 90%.
This instrument currently has very strong, positive sentiment due to correlation with SARS-CoV-2.
RSI shows that the ETF is not overbought.
Index Top Ten Holdings (%):
Regeneron Pharmaceuticals 2.77
Gilead Sciences 2.43
Vertex Pharmaceuticals 2.32
United Therapeutics 2.26
Biomarin Pharmaceutical 2.25
Seattle Genetics 2.16
Keeping an eye on the biotech sector as we see the markets skip due to reactionary virus fears. The weekly may indicate a bullish wedge pattern as it the price swings converge closer and closer together. Short-term bearish. Mid to long term, bullish.
New trading level. Trading in a channel. Price is moving sideways. 50EMA just broke above the 200 EMA. Price is pulling back and will likely test the previous bottom where money will flow back in to move this up again and with enough momentum we may break this ceiling and continue upwards. But for now, it will follow the general market and shorting this stock...
As long as my line stay green adding on dip this week is an opportunity to profit early in Spring ( seeded time for #biotech is now)
but mostly trading on daily base , today I wait longer 3-4 days perhaps
As the month of October begins and broader markets sold off, Biotech sectors are still negative/ flat for the year. Market headlines from high prescription drug prices and lawsuits regarding the opioid epidemic have plagued some of the IBB's largest holdings; which have held biotech ETF's down while the S&P reached all time highs.
Biotech has had a hard time of it lately due to both political risks related to the election and litigation risks from the opioid epidemic. All of this, of course, on top of broad market weakness due to the China trade war.
However, biotech earnings are better than most sectors this season, so the bear market likely won't continue forever. I've drawn a trend line...