High, Tight Flag on the Biotech ETF

The Biotech iShares IBB shot up on some beneficial talk out of the Trump administration and, in my opinion, on beneficial Treasury yield dynamics. So it is no coincidence that it is now consolidating as yields have spiked.

With yields nearing resistance and momo hype wearing off, I wonder if the correction will make it all the way to well defined support around 300 or simply flag to the (orange dotted) EMA 20 before turning up again. The upside target remains 350.


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