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iShares Nasdaq Biotechnology Index Set to Possibly Pullback After Yesterday's Rally of 2.24%

By David Diaz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $268.06 to a high of $276.22. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $274.53 on volume of 1.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of iShares Nasdaq Biotechnology Index have traded between a low of $240.03 and a high of $400.79 and are now at $275.77, which is 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

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.

Keywords: rebounders amex:ibb ishares nasdaq biotechnology index

Ticker(s): IBB