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IBB H4: BEST Level to BUY/HOLD 25% gains(SL/TP)(STOCKS)
Biotech ETF is holding a 5-year base breakout as it pulls back from a recent run-up close to new high. Lots of individual names with strong sales setting up in, and breaking out of bases. There's a future here. The industry breakout is ripe.
Looks like ABC pattern just wrapped up and another wave has already played out as well.
EW could be so complicated so we don't know what pattern will be going forward at this point.
The RSI bullish divergence was missed though. hats off to those who caught it.
Disclaimer, this is only for entertainment and education purposes and doesn't serve by any means...
Biotechnology has been one of the stronger sectors this year. It’s benefited from the combination of Covid treatment hopes (vaccines + therapeutics), and the macro backdrop (low rates/negative GDP).
As we highlighted earlier in the month, the iShares Nasdaq Biotechnology Index ETF broke out to new highs in late June and has been holding its ground above those...
Everyone’s attention is focused on today’s strong jobs report, but an under-the-radar sector is breaking out: biotechnology.
The iShares Nasdaq Biotechnology Index ETF hit new 52-week highs before the rest of the Nasdaq. And it wasn’t just any old breakout. It was the first move above $130 since mid-2015: a historic push to important long-term levels.