After Yesterday's Rally of 1.43% Shares Could Potentially Pullback
iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $277.50 to a high of $281.15. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $276.19 on volume of 927,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend is monitoring the recent change of momentum in iShares Nasdaq Biotechnology Index. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of iShares Nasdaq Biotechnology Index in search of a potential trend change.
Over the past year, iShares Nasdaq Biotechnology Index has traded in a range of $240.03 to $400.79 and is now at $279.78, 17% 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%.
Keywords: rebounders amex:ibb ishares nasdaq biotechnology index