ProShares UltraShort Nasdaq Biotechnology ETF BIS has already build up its base line or support you can say. It is the only stock (ZBIO, LABD) where the price line has clearly shows the support over the last one year period of time from July 2015 till Aug 2016. Slowly but gradually it's going NORTH. Time to buy for long time holders.
Higher lows, break of major down trend and now breaking out of wedge. First target sits at around $40 a slight pullback to begin its major trendline would then be necessary for futher moves upside. cant imagine it goes anywhere but up afterword. Good luck all!!
4-22 Could It Be? Is this where we carve
out a double bottom? If so then IBB (longside)
MAY be carving out a double top. Remember,
going long this is gaining short exposure in the
bios. BIIB (Biogen) reports so be aware it could
have an impact on this issue. Chart wise its
all about an upside crossover of the green line.
Feel free to follow on TWTR...
No doubt the Bio's are the bubble of irrational exhuberence. This starts to look attractive to me as a swing long...rather than bet on an individual stock. I'll probably start building a position on pullbacks....if it pulls back to a higher low...I'll be interested.