Bio Tech (IBB)- Import Support Test This Morning
When it comes to “Upside Leadership” few can compete with the Bio Tech sector!
IBB hit resistance line (1) on 3/20 and created a “reversal pattern at (2). Since then IBB has traded sideways and may have created a “Double Top” at the (2) reversal level.
Now IBB is testing Fibonacci 423% extension level as support this morning at (3).
It might be worth paying close attention to leadership, because what IBB does at (3) could influence the market in both directions!
Full Disclosure… more