I added back Biotech related DVAX yesterday, noting a short-term bottoming pattern (trade log): “As for the chart, the daily has a little hint of a short-term bottoming pattern if today remains positive.” Now let’s take a look at the Biotech ETF (daily chart), which is forming something similar. The down-sloping SMA 200 (black) is actually something of a neckline for the pattern and this … Continue reading NFTRH+; check out this pattern [w/ edit]
I am keeping an eye on the Biotech sector as IBB starts to make a move. I’m not watching it to buy it but rather, because I’ve already bought it via GILD & REGN. Here is nominal IBB. And here it is in relation to broad Healthcare. Trends are down to be sure, but it’s worth keeping an eye on. My interest is actually in … Continue reading NFTRH+; 1 Sector, 2 Stocks
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 … Continue reading NFTRH+; A Sector Short Setup
We track the Biotech iShares each week, and here is the up to the minute view of a constructive situation breaking to a bullish one. From NFTRH 514 (I since added BIIB as well, per the Trade Log). The rough target for this pattern, which has turned out to be a Cup with a Handle breakout is around 137 as long as the 118-119 area … Continue reading NFTRH+; a US Sector ETF Cup & Handle Breakout & Target
A look at the general Healthcare ETF (XLV), which includes BioPharma, Devices/Equipment and Services shows it easing below the trend line. IHI is at lateral support and the SMA 50 and IBB is at a short-term trend line. XLV is probably due for a test of the SMA 50 so that is no great shakes at the moment. I don’t like that IHI ticked a … Continue reading Healthcare Charts Updated
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 … Continue reading High, Tight Flag on the Biotech ETF
Yesterday we got the surge and then the ease into the close. Today? Err… The weekly now targets 350, barring a harsh reversal over the next 2 days. GILD was the stock I chose to add yesterday for additional exposure (to go w/ ABBV). GILD, which has had its share of fundamental shakeups, is trying to nudge out of a wedge-like object. Resistance, if this … Continue reading Biotech Breakout Continues
It’s been a long time coming for the Biotech sector that has for me included some stops and starts in AMGN, GILD and IBB itself. Some profits, some losses. But back in April the chart of ABBV said “hey Gary, highlight this stock’s weekly chart pattern and NFTRH+ it for subscribers”. I did, and I also bought it back then. It’s been a great hold … Continue reading Biotech Breakout
While I currently work with all sorts of macro-fundamental indicators and inter-market ratio charts, I started out just loving the act of creating and analyzing nominal stock and market charts. I have a habit of obeying charts and while this has been a positive in the big picture, it sometimes shakes me out of positions simply because I saw something in a chart. The little … Continue reading IBB: Once a Chart Guy…
Sending to the entire subscriber base since this works as a macro-related update as well. First, a long-term chart we have reviewed on occasion showing leadership lost by big Bio vs. big Tech. A long-term series of higher highs and higher lows is intact, but the relative bull market has been under much pressure since 2015, when it dropped below the long-term supportive moving average. … Continue reading NFTRH+; A Look at Biotech
This update on the Biotech iShares works as both an NFTRH+ update and a regular update.
For the purposes of our regular updating, a breakout here would indicate that speculative bullish money is spreading out to Biotech, which helps the rally’s internals and speculative inputs.
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 … Continue reading Biotech Correction
Yesterday we noted the Biotechs had lower to go, and lower they went. Typical of today’s momo driven markets IBB took the express elevator right to the projected support zone all within one afternoon. If the sector is going to rally and keep things normal, it should begin from around the 50 day moving averages (+/-) as it has in the past. Here is the … Continue reading Biotechs Updated
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. Subscribe … Continue reading Biotech Looks to Go Lower