Biotech, an important momentum leader to the stock market, is going to need to think about finding support soon lest this become something more than routine.
IBB has already made an RSI level lower than the last 2 dips to the 50 day averages. It could be on its way to getting over sold to the October level, when it broke the 50’s. It needs to hold and turn up now. If not, a lower low to March is going to bring on quite a shake out (at best).
Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates (including Key ETF charts) and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow @BiiwiiNFTRH.