From a technical view, the iShares Nasdaq Biotech ETF ()has posted a reversal candlestick pattern on a weekly chart while biotechnology sector is in a parabolic rise. Regarding technical indicators, the weekly RSI has validated a bearish divergence in its overbought area. On a relative basis against the iShares Core S&P 500 ETF (), the iShares Nasdaq Biotechnology Index Fund is reversing down and looks set for a drop.
Trading strategy: Short Sell @ $253.25 - Stop loss @ $264 - Target @ $215.
Nasdaq Biotechnology Index
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.