The iShares NASDAQ Biotechnology ETF (IBB) is an ETF is made up of biotechnology and drug companies ranging from small cap to large cap stocks. There is nothing like a blockbuster drug to help juice up your portfolio!!
I posted a chart in the Idea Chamber earlier today for Macrogenics (MGNX) showing its imminent breakout and price targets. Macrogenics is a component of the iShares NASDAQ Biotechnology ETF.
Let's dive into the chart for the iShares NASDAQ Biotechnology ETF - it's ticker symbol is IBB. Maybe we will glean some insight as to what the ETF may have in store for its stocks in the new year.
iShares NASDAQ Biotechnology ETF (IBB)
This first chart for the iShares NASDAQ Biotechnology ETF (IBB) is a 5 year monthly candlestick chart. As most Trendy Stock Chart members realize by now, I like to always try and look at the "bigger picture" first to make sure I've correctly identified the trend on the chart. Once the trend is identified you can move on to the next step, coming up with a strategy. Let's first see what IBB's trend is up to on this chart.
If the MACD Histogram increases higher than its peak in September 2017, …...
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