Watch for iShares Nasdaq Biotechnology Index to Potentially Pullback After Gaining 1.44% Yesterday
iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $266.91 to a high of $270.96. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $268.25 on volume of 584,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of iShares Nasdaq Biotechnology Index have traded between a low of $240.03 and a high of $400.79 and are now at $270.45, which is 13% above that low price. 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.
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