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WAITING FOR A CONFIRMATION SUCH AS A TEST OF THE SPRING
AND THAN JOIN THE ROAD UP
Already testing the weekly trend line. Technically still in the uptrend. My big concern this one was late to the party and it is falling fast. Seems like lots of weak hands.
Looks sort of like a drunken cup with handle. Could use the current short tern uptrend line or recent weekly low as a stop. Process your way. Feedback appreciated.
look for price action to b/o of triangle $118.74 confirmation
Volume drying up. Looks like demands weakening. Tomorrow could be a pivotal day. Stay tuned. Bought BIS to balance my long biotech positions.
Watch closely tomorrow. Bull trap vs bounce off trend line with continuation of current trend. Personally I think the trend continues.
I'm a beginner at volume price analysis. Analyzing the daily bars I feel this opens higher tomorrow. Sell off with wide price swing however was on low volume.
Watch the index. Stay tuned.
If support breaks on volume, will be adding to $BIS.
Biotechnology stocks have done nothing over the last 3 years however we now see a breakout and this could present an opportunity to add to a long term momentum portfolio. Please stay tuned, as there could be be many opportunities in the broader healthcare sector.
IBB is breaking out to the upside, with an initial target around $124, the 127.2% extension of the major swing from this year's high in January to the lows in April, followed by the 161.8% at $131.
I'm jumping in via September $125 calls.
Flag pattern breakout?
The 119.57 level may offer some resistance but we believe a breakout is imminent. However, we are going to pony up a little bit of premium to buy us a couple of months for the move to materialize.
The September 21 $119 strike is being offered at $3.40. This will require a nearly 3% gain at expiration to breakeven. Should the 119.57 level be bested, 126 could ...
On Friday's Options Action, the crew analyzed the performance of the biotech sector. The NASDAQ Biotech ETF (IBB) that tracks the large cap names have underperformed the overall sector recently. IBB has recently formed both a long term cup & handle formation and an inverted head & shoulders, a bullish setup. Coupled the largest 5 names in this ETF reporting ...
.. if there is continuation. Otherwise, watch the resistance levels acting as support. (no position)
Seems like a valid break-out. If this close above the red pivot, i will add 1/2 position (2019 july call).
IBB breat above pivot (red). 200 MA also passed.
Bought some 2019 calls.
Target is the green pivot.
On Friday's Options Action, the crew analyzed the performance of the biotech sector. Large cap biotech stocks have underperformed small cap over the past few years and started to show signs of outperformance lately. Many of the larger cap biotech names have very cheap valuations and have bottomed over the past few weeks. Coupled with the bullish channel on IBB ...
IBB(daily chart). BAMM, Bearish Bat.