Just a chart thing. The Biotech ETF, IBB, is breaking out of a bullish pattern and it is doing it with volume.
For perspective, and for a trade at least, IBB would set its sights on resistance at 147 (+/-), assuming the breakout is real. On both the daily (above) and weekly charts RSI and MACD are each postured bullish.
Just an FYI for anyone looking for a potential market rotation play. I’ve been watching IBB for the tailwind it would potentially provide to a few Bio-pharma items I have on watch. But this may be the safer bet, the way those things often go (FDA, regulatory hurdles, etc.). As a side note, Biotech historically favors declining interest rates, which appears to be the interim macro backdrop at this time.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates 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) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
