For those working the biotech sector, it doesn’t matter. Price action will decide.
This firm, is heavily short biotech for many reasons other than a potential (and likely) world-wide hoax.
We’re already expecting biotech to vaporize in a reversal and melt-down.
Of course, if it turns out it really is the biggest hoax ever, how’s that going to affect all the biotech firms rapidly working on a cure for the common cold?
If the truth comes out all the pent up ‘investor’ demand for (or hopes to profit on) an injection are false, one could expect ‘vaporize’ to go ‘nuclear’ as everyone rushes for the exit.
Biotech price action shows it’s in a down channel.
Yesterday’s session hit the upper channel line. At the same time, it retraced a Fibonacci 38%, of the entire down move that began in July.
Today’s session was decisively lower. Price action posted a low below yesterday’s low (bearish). In addition, IBB closed within the previous trading range; also bearish.
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