iShares Nasdaq Biotechnology Index Crosses Above its 10-day MA (IBB)
Today, shares of iShares Nasdaq Biotechnology Index (AMEX:IBB) have advanced above their 10-day MA of $292.08 on a volume of 480K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
Over the past year, iShares Nasdaq Biotechnology Index has traded in a range of $240.03 to $400.79 and is now at $294.46, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.9%.
SmarTrend recommended that subscribers consider buying shares of iShares Nasdaq Biotechnology Index on July 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $262.36. Since that recommendation, shares of iShares Nasdaq Biotechnology Index have risen 10.7%. We continue to monitor IBB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses amex:ibb ishares nasdaq biotechnology index