Monday, October 4, 2021 2:26 PM EST
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.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.