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Look for Shares of iShares Nasdaq Biotechnology Index to Potentially Pullback after Yesterday's 1.22% Rise

By James Quinn

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $283.77 to a high of $289.45. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $287.80 on volume of 984,000 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 tracking the current trend status for iShares Nasdaq Biotechnology Index and will alert subscribers who have IBB in their portfolio or watchlist when shares have changed trend direction.

Over the past year, iShares Nasdaq Biotechnology Index has traded in a range of $240.03 to $400.79 and is now at $285.53, 19% above that low. The 200-day and 50-day moving averages have moved 0.85% lower and 0.09% higher over the past week, respectively.

Keywords: rebounders amex:ibb ishares nasdaq biotechnology index

Ticker(s): IBB