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Rant & Rave Blog

Biotech Breakout Alert: $IBB Approaches Key Level

Posted by Gareth Soloway Monday, May 23, 2016, 03:25PM ET

Read 1098 times

Biotechnology has quiet possibly been the weakest sector over the last six months, underperforming almost everything else by a ton. However, there may be light at the end of the tunnel.

 

The $IBB (biotech ETF) is nearing a key breakout above the daily 50MA on the daily chart. Should it close above today, a short squeeze could begin in the coming days. Upside max target would be $300.00. Please note the chart below and remember, it MUST close above the 50 day moving average.

 

 

Gareth Soloway

Chief Market Strategist

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