IBB is forming an ascending triangle, which is a continuation pattern after the breakout.
Important to note the 20sma, which has been very supportive in the trend. The is also some support we can see many candlesticks with bottom wicks, meaning the shorts were met with buyers very quickly.
What I see...
+ Prices pulled back from $136 to find support from the rising 10ma
+ Friday's bar painted a bullish engulf-like body within a NR7 on very low volume! This is like a spring that is compressed and getting ready to bounce!
+ RSI is at 61 and has just turned upward
+ MACD is flat in the bullish zone
- MACD is technically below signal line
- $136 is...
IBB reached the target we forecasted on May 6 and at this stage it should have completed primary wave 5. It should now start a correction that can take it to new lows. The alternative scenario would be that we would see a minor correction to around 115 before trend to new highs. However, in both cases prices should follow the path to at least arounf the most...
IBB seems to have starting minor wave 5 up that could lead its price to the most probable target of 134.00. This sector should be be one of the good options to be in during the current market scenario. If prices crosses down 199.70, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
IBB is ready to revisit the highs of 133 made in July 2015, after a 4x increase since 2011 which was the equivalent of the dot-com bubble.
Assuming that pandemic issues are going to be a recurring catalyst, biotech could be ready to take again the mantle of market leader from technology (maybe it is a relay?).
Anyway, it seems a cup-and-handle breakout from 130s...
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So without further due. Keep it short/simple and to the point.
IBB 2W best...
I think @timwest's idea that #TSLA and #IBB both represent innovation and disruption, and so, #IBB should correlate #TSLA (which has been the case so far), gives us a good opportunity as a less evident catch up play, to follow #TSLA's violent climb.
Perhaps some company in the portfolio manages to find a vaccine that resolves the Coronavirus crisis, as a possible...
Whats up Traders -
Stealing a CNBC idea, but i like it and agree with it. Biotech has bounced back to its past highs. IN all liklihood we will bounce around here for a bit -
Entering a Call Credit Spread
1 x 123.5 Call Sell
Jan 31
1 x 125.00 Call Buy
Jan 31
Have a look and see if you. Best of luck.
- Nix
