After stock bounced from resistance that is intact since May 2013 and broke down upper level support @ $76 with strong follow through to November lows. Now, it is flagging near lows in front of support. With weak Biotechnology sector and market sitting on resistance it could be start of another down leg. Enter short @ $63.80 Stop above 21 MA @ $66.83 Target...
Pause; Or End of Throwback Attempt to Retake Channel? $IBB $XBI
Failing. Path of Least Resistance Still Lower $IBB $XBI
Is Winding Out. So Far, no Higher High. $XBI
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But Day Still Young. $IBB $XBI
on 03/21. No Major Followthrough Lower Yet Like 4/04. $IBB $XBI
2014 Double Top Target ~$56. $XBI $IBB
Following Bullish Harami Fades Into Bearish Engulfing. $XBI $IBB
Fades Just As Powerfully After Accelerated Trend Line Rejection. $XBI $IBB
50 Resistance Rejects. Base 3-Year Trend Line ~$54-$55 $XBI $IBB
Last Week on Support: Next Major Rung at $58 $XBI $IBB
Bounces 25% Off $40 in 5 Days, Then Gives Back 10% in 3. $XBI $IBB
= Breakdown from 2.5 Yr Wedge After Structured Resistance Rejection. $XBI $IBB
H&S Top Measured move to $122 Remains In-Progress. $XBI $IBB