Biotech: Before The Open

9:02 a.m., EST:

Decisive trend break and test. Biotech IBB’s, ready to continue downside action.

Today may be the day for downside follow-through. We’ll see.

The work has already been done showing long term IBB, has reversed to the downside. Reference posts here and here, if needed.

The hourly chart of inverse fund LABD (3X inverse, IBB) shows pre-market range along with potential trend activity.

Yesterday, IBB was shorted via LABD (not advice, not a recommendation). Project table below:

If and when IBB makes a new daily low and LABD a new daily high, the stop will be moved. If so, the GTC stop order is likely to be updated toward the end of the session.

As this post is being created, Bid/Ask spreads on LABD are fluctuating.

Last trade @ 23.31 +0.23, +1.00%. Earlier, pre-market trading was lower.

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

%d bloggers like this: