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SmarTrend Watching for Potential Pullback in Shares of iShares Nasdaq Biotechnology Index After 1.64% Gain

By Amy Schwartz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $256.53 to a high of $263.47. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $257.88 on volume of 688,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that its subscribers protect gains by selling shares of iShares Nasdaq Biotechnology Index on June 10th, 2016 by issuing a Downtrend alert when the shares were trading at $268.72. Since that call, shares of iShares Nasdaq Biotechnology Index have fallen 4.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Over the past year, iShares Nasdaq Biotechnology Index has traded in a range of $240.03 to $400.79 and is now at $261.77, 9% above that low. Over the past week, 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