Well, a bear looking to get short would hope for a market bounce and so, here is a market bounce. I shorted IBB this morning (per the Trade Log) and my disclaimer is that I am not trading to necessarily profit on everything. I am balancing a portfolio (with the greatest balancer being cash).
But the Biotech iShares did strike me as vulnerable so I thought I would share the daily chart showing a big bounce back to the thick resistance area around 102. The declining SMA 50 is right there as well. I’ll keep a mental stop tight in case it decides it wants to run to the SMA 200 up around 110. But today IBB is poking a heavy resistance area that was once important support.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
