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iShares Nasdaq Biotechnology Index Set to Possibly Rebound After Yesterday's Selloff of 1.37%

By David Diaz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $297.40 to a high of $302.05. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $297.42 on volume of 689,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of iShares Nasdaq Biotechnology Index on January 9th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $282.60. Since that recommendation, shares of iShares Nasdaq Biotechnology Index have risen 7.0%. We continue to monitor IBB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, iShares Nasdaq Biotechnology Index share prices have been bracketed by a low of $240.03 and a high of $400.79 and are now at $298.49, 24% above that low price. 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

Ticker(s): IBB