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Watch for iShares Nasdaq Biotechnology Index to Potentially Pullback After Gaining 2.39% Yesterday

By David Diaz

iShares Nasdaq Biotechnology Index (AMEX:IBB) traded in a range yesterday that spanned from a low of $293.69 to a high of $300.26. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $298.04 on volume of 466,000 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, 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 $299.22, 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.9%.

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