📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Biotechnology Sector ETF Clears Key Resistance: Breakout Confirmed?

Published 07/11/2024, 02:41 AM

On June 24, 2024 I wrote a daily called, Big Brother Biotechnology Sector Revives.IBB Daily Chart

“IBB sits just below the 200-WMA. Plus, he is in the middle of the weekly channel range. Furthermore, back in May, IBB handily cleared above the 50-WMA.

We have eyes here next week as the weekly close was solid and IBB could hit 140or higher.”

I also included the top holdings

IBB Holdings

I ended the Daily with this:

Should IBB hold over 140 as the week and end of the month progresses, we see a potential $20 move up from here.

IBB is back over 140. What comes next?

ETF Summary

  • S&P 500 (SPY) 5400 support 5600 resistance
  • Russell 2000 (IWM) 197-205 tightest range to watch
  • Dow (DIA) 40k resistance
  • Nasdaq (QQQ) all-time high
  • Regional banks (KRE) Watching the range 45-50 CAREFULLY
  • Semiconductors (SMH) 260 -280 range
  • Transportation (IYT) Not pretty under 64
  • Biotechnology (IBB) 140 cleared-now needs to hold
  • Retail (XRT) 200-week moving average support at 72.75. Needs to recapture 74.50
  • iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.