Is Bio-Tech Creating Head-And-Shoulders Topping Pattern?

European Bear Market Rallies Peaking Here?


Biotech ETF Weekly Chart.

Biotech ETF Weekly Chart.

Biotech ETF (NASDAQ:) has performed better than the , by nearly 9% this year, which sends a short-term bullish message.

The same positive performance message cannot be said for IBB over the past five years, as it lags the S&P 500 by more than 50% since the 2011 highs.

Is this long-term underperformance for Biotech stocks about to come to an end? We should find out very soon.

IBB is currently testing 2011 highs over the past four months, where it is possible it is creating a short-term “head-and-shoulders” topping pattern.

What would IBB have to do to eliminate the potential topping pattern? A close above $150 would end this pattern and suggest that is 2020 relative strength will continue.

Keep a close eye on IBB over the next few weeks, as its price action should send an important short and long-term price message.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Chris Kimble


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME