Biotech & Fibonacci Time

8:39 a.m., EST

SPBIO, pivots at Fibonacci Day 89

LABD inverse fund (3X inverse SPBIO), marked with time pivots and potential channel.

The plus or minus one-day on the Fibonacci counts, is well within acceptable limits.

There’s been so much focus on biotech because of the opportunity.

Trading congestion equals directional potential.

A good way to show that (downside) potential, is with the P&F chart of biotech IBB, below:

The initial projection targets the 120-area which is below the support levels at, 143 – 145. If penetrated, those support levels would likely become resistance to any upward retrace.

We’re about an hour to go before the regular open. LABD is trading flat to slightly higher.

Stay Tuned

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: