The IShares Biotechnology ETF (IBB) Is Tanking, Here’s The Trade Level
The iShares Biotechnology ETF (IBB) is falling lower again today. The popular ETF is trading lower by 2.25% to $155.35 a share. In early September the iShares Biotechnology ETF (IBB) traded as high as $176.02 a share. Since that peak the shares have declined by over $20.00 a share. Last Friday, the iShares Biotechnology ETF (IBB) closed below the important 200-day moving average and today it has fallen further from that key technical moving average. At this time, the momentum is to the downside and a further decline is likely.
The next major support level for the iShares Biotechnology ETF (IBB) will be around the $145.00 area. This important support level is where the iShares Biotechnology ETF (IBB) broke out of a long sideways base in May 2021. This level is also a key retrace area from the March 2020 lows to the 2021 top. This secondary chart factor should add strength to the support level when tested. I’ll be looking for a long side swing trade when this support level is tested.
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