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iShares Nasdaq Biotechnology Index Set to Possibly Pullback After Yesterday's Rally of 1.95%

By Shiri Gupta

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $258.14 to a high of $265.98. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $263.47 on volume of 865,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

iShares Nasdaq Biotechnology Index share prices have moved between a 52-week high of $400.79 and a 52-week low of $240.03 and are now trading 11% above that low price at $265.54 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of iShares Nasdaq Biotechnology Index on June 10th, 2016 by issuing a Downtrend alert when the shares were trading at $268.72. Since that call, shares of iShares Nasdaq Biotechnology Index have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders amex:ibb ishares nasdaq biotechnology index

Ticker(s): IBB