Do you see this squeeze in biotech? Here’s your trade on the Nasdaq Biotech ETF (IBB) (June 16, 2015)
IBB REGN IBB
I want to look at the IBB ( NASDAQ:IBB ), but I just want to mention; yesterday I had looked at Reneneron (NASDAQ:REGN ), might have been the day before I don’t remember. We were looking at this as a wait, wait, wait for it, wait for it. Then boom! On Monday the stock rebounded off of this 50-day moving average and then there’s been some continuation today. Now, I’m not looking to see this stock just rocket up to new highs, there’s just too much pain to go through here.
The stock sucked people in as only stocks in nice uptrends do. It gets up ahead of itself and then for the next three or four days there’s selling. A lot of those folks are stuck in that stock and they would like nothing better than to see this stock climb, or at least start climbing, and they’re going to start selling into it because they want their money back. Instead I think what you’re going to see here with Reneneron (NASDAQ:REGN ) is just some sideways consolidation.
That leads us to IBB ( NASDAQ:IBB ). Biotech, I think this has just really got possibilities. This has been trading sideways. You’re looking for the triple top; you’re not seeing the triple top, $370.00 is resistance. I’m going to set a personal alert, I think I already have one, but I’ll set a personal alert on my software, which is TeleChart 2000 by the way, I’ve only been using it for about 18 years.
If this stock breaks out, I’m just going to set it for a month; I think this thing is just going to start squirting higher. We’ve got some interesting issues in the global financial markets, none of which impact biotech. So watch this ETF, there are a lot of stocks in this sector that are working, that are just resting, but wait for the IBB ( NASDAQ:IBB ) to hit 370.00 and break through and I think you’re good to go.
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