SHS Target 335 over a month On the premise that the top has been set in IBB I see the following SHS setting up. Target 335 around mid august. and lower target later yes year! I have the the technical argument below If you agree with my chart(s) or just want to show appreciation - please click the thumbs up in top left corner of the chart. I would really...
We've seen the IBB have trouble with this 368 level many time. We've now touched on it 3 times. and the highest probability move would be back down to the low of the May18-June 6th Channel. While I still expect a bounce from the oversold condition onthe indexes (QQQ's etc) I am considering a speculative IBB Put (Short) Position for the next 2/3 trading days....
This chart is a little busy so allow me to explain what whats going on here. The Green trend lines is long term support/resistance formed in the 4th quarter of 2012. The red trend lines were formed in late 2014. And the blue trend lines is the most current trend. Ultimately, I think we are going to get a prolonged period of sideways volatile action out of...
SPY is still holding the 50dma, and making higher highs and so has the other indices like the IWM, QQQ and DIA. that being said, the Biotech Sector (IBB) is the only sector that one should be weary of, as it has been making lower lows in the intermediate term. It seems as though there is a bit of sector rotation going on. I remain bullish on all the indices, but...
IBB corrected lower from the YTD high at 374.97 (March 20, 2015) to break blow 6-1/2 month rising trendline (as shown on the weekly chart), signaling prolonged consolidation near term. Bears look to test the range support at 333.78 (March 26, 2015 low). A breakdown is needed confirm a double top at 374.97/368.25 and weaken further towards the 305.01/302.98 long...
4-22 Could It Be? Is this where we carve out a double bottom? If so then IBB (longside) MAY be carving out a double top. Remember, going long this is gaining short exposure in the bios. BIIB (Biogen) reports so be aware it could have an impact on this issue. Chart wise its all about an upside crossover of the green line. Feel free to follow on TWTR...
4-2 Speaking of a pullback to multiple supports? As long as this issue stays above the blue support lines all is well. This level also happens to be near the 50 day SMA. If you like these kind of chart set ups don't forget to follow me here or on TWTR at @AmazingPatterns For educational and informational use only, these are not recomendations , trade at...
4-1 Nice looking ABC to multiple supports. As long as this issue stays above the blue and green support lines all is well. This level also happens to be near the 50 day SMA. If you like these kind of chart set ups don't forget to follow me here or on TWTR at @AmazingPatterns For educational and informational use only, these are not recomendations , trade...
After breaking and violating my previous setup on $IBB, the selling action we've seen on expiration date could mean that options traders finally think $IBB has reached too far. When this selling action comes with a daily bearish AB=CD pattern, it becomes interesting. If indeed we will see a pullback, the first point of interest will be the meeting point with the...
$CEMP Cempra is at trend line technical & psychological resistance from Q3 2013. Many traders must see this also as short interest has been spiking as show in the bottom panel (data gleaned from FINRA, NYSE & NASDAQ and provided by Quandl). The lower trend line sits approximately at a L5 Cyclical Support level and would be a likely target and initial location for...
Biotech is all the rage, I'll play for a quickie short on this once it gets to 412ish, provided it puts on a reversal candle of some sort first.. It'll be highly technical, you have to be very surgical, it's like picking pennies in front of a train, it's like cheating death, and me likey. A better way to play this is to sell some call spreads once it gets to 412...
Now looks like a smart time to be investing in MNKD. Not only is Afrezza a better insulin than many available, not only does the technosphere eliminate a lot of potential unnecessary needles... the technosphere is the potential gold mine here. Imagine the FLU SHOT being a thing of the past... for the new, improved delivery system of a FLU INHALER. FDA can fast...
10-30 For those interested in buying support, especially know considering how short term extended things are these days. Its all about the blue line. It also helps define ones entry risk here. If buying here you are buying 20 points away from a support zone (thanks anyway I say). Given this issue is tagging a trend channel resistance zone? That is all the more...
As you can see this issue has broken its green uptrend to the downside. Now its all about whether or not this issue and those who look like it (CELG, GILD) build out bear channels (orange) and then break to the downside once they complete a bear channel. Later today I'll be posting more charts that look like these so stay tuned for more. These are not...
This major cap biotech company borke its major support at $150. Now it acts like resistance. ENTERING with tier1 here with STOP above $150 and will ADD through $144 for a poential move to April's lows at $134-$136 (first TARGET) IBB (biotech ETF) looks very weak.
Used this chart to start short positions three times so far at 1,618 fib area, backed by bearish divergence. Bullish wick at 50 fib area is be aware of and evaluate positions and risk. Reverse bullish divergence might help a higher beta performance this coming week. Cheers and the best of luck Panos