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SmarTrend Watching for Potential Rebound in Shares of iShares Nasdaq Biotechnology Index After 1.32% Loss

By David Diaz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $289.79 to a high of $293.03. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $290.71 on volume of 475,000 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 $291.41, 21% above that low price. The 200-day and 50-day moving averages have moved 0.85% lower and 0.09% higher over the past week, respectively.

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 4.5%. 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

Ticker(s): IBB