SmarTrend Watching for Potential Rebound in Shares of iShares Nasdaq Biotechnology Index After 1.65% Loss
iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $288.28 to a high of $294.41. Yesterday, the shares fell 1.6%, which took the trading range below the 3-day low of $293.14 on volume of 632,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
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 21% above that low price at $289.80 per share. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of iShares Nasdaq Biotechnology Index on July 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $262.36. Since that recommendation, shares of iShares Nasdaq Biotechnology Index have risen 12.3%. We continue to monitor IBB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders amex:ibb ishares nasdaq biotechnology index