This trading channel on the iShares Nasdaq Biotechnology Index ETF (IBB) (wow, that was a mouthful!) has a channel with parallel support and resistance that it is currently trading in. Oh, its down a whopping 4% today, but there may be a silver lining here to the long-side.
And right now it is sitting on support. Perhaps it breaks down here and creates a whole new mess of problems for long investors.
Or…
If support holds though, this could be a golden opportunity to buy with a tight stop-loss (especially for anything in the biotech industry). I’ll be watching this ETF today and seeing if it can make some progress towards reclaiming $294 on an intraday basis, and if so, I may consider adding a position on this one here, and see if I can’t ride this one back up to $310 in the short-term.
Check it out for yourself!
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