Biotech Looks to Go Lower

I would be careful here on Biotech.  The reversal candle signaled a fallout from a mini blow off.  The level to which IBB became over bought implied the momo players came on in too much of a rush.  During the uptrend, downside reactions have not typically ended until AROON temporarily fakes a new daily downtrend and the price hits the 50 day MA’s.  FYI.

ibb

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