• Return to Headlines

Look for Shares of iShares Nasdaq Biotechnology Index to Potentially Rebound after Yesterday's 1.57% Sell Off

By Nick Russo

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $288.73 to a high of $298.19. Yesterday, the shares fell 1.6%, which took the trading range below the 3-day low of $293.57 on volume of 1.2 million 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 4.9%. We continue to monitor IBB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

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 22% above that low price at $292.33 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.

Keywords: rebounders amex:ibb ishares nasdaq biotechnology index

Ticker(s): IBB