Browse Symbol Stacks: $IBB: Technical pattern of stock - $IBB

Technical pattern of stock - $IBB

iShares Nasdaq Biotech ETF ($IBB) is now neatly forming the right shoulder of a "head and shoulders" pattern on its weekly chart, thereby presenting a potential swing trade setup on the short side. Here is my basic, objective analysis on this ETF trade setup.


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Was glad to see your chart because I was looking at biotech today. The daily suggests a liitle life in it and I am undecided to negative on the weekly due to its declining momentum. I am not that imaginative that I can see a head and shoulders. Where would your neckline lie? Classic Head and shoulders have distinct volume patterns. The pattern is heavy volume as the left shoulder and head forms and then a sharp drop off in volume. - Pring Technical Analysis Explained Fourth Edition Chapter 5 12/10/12