With renewed talks from the POTUS regarding drug pricing, let's review some charts for the biotech technology sector. Specifically, I am going to analyze the charts for the iShares NASDAQ Biotechnology ETF (IBB).
Are the talks coming out of the White House going to slow down any potential rebounds for the sector? Or are the charts looking to rebound regardless? Reviewing an ETF for the sector just might provide some clues. Off to the charts!
iShares NASDAQ Biotechnology ETF (IBB)
This first chart for the iShares Biotechnology ETF (IBB) is a 5 year monthly candlestick chart. It is a blank canvas - I do not have any illustrations on the chart. So why did I include the chart? Let's review the discussion points I see.
- The MACD Histogram for the index has shown increasing buying momentum over the last 5 months
- Actual buying volume has been decreasing over that same 5 month time period which could be creating a …...
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Upside price targets for the index are calculated based on its bullish chart action.
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