Retest for iShares Nasdaq Biotechnology ETF (IBB)

I published this daily candlestick chart for IBB to highlight a couple of principles in technical analysis. First, the reversal of roles is an important concept in technical analysis. The $270 resistance point is now support. Second, a retest of the breakout point is common before the stock resumes the near-term uptrend. But, these are guidelines. Everything in technical analysis is about probabilities. A break below support of $270 would change the whole technical picture.

IBB Daily Candlestick Chart  showing the retest at the $270 support zone.

IBB Daily Candlestick Chart

Reference my chart for the breakout of IBB.

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

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