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Watch for iShares Nasdaq Biotechnology Index to Potentially Pullback After Gaining 1.22% Yesterday

By Shiri Gupta

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $283.77 to a high of $289.45. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $287.80 on volume of 984,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 19% above that low price at $285.53 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 is tracking the current trend status for iShares Nasdaq Biotechnology Index and will alert subscribers who have IBB in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders amex:ibb ishares nasdaq biotechnology index

Ticker(s): IBB