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Look for Shares of iShares Nasdaq Biotechnology Index to Potentially Rebound after Yesterday's 1.20% Sell Off

By David Diaz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $257.55 to a high of $262.99. Yesterday, the shares fell 1.2%, which took the trading range below the 3-day low of $258.19 on volume of 1.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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 $259.49, 8% 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%.

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