Saturday, February 28, 2009

IBB Analysis for 02.28.2009

iSHARES NASDAQ BIOTECHNOLOGY INDEX FUND - IBB

Monthly chart shows price stuck in large consolidation range. Price is weak as it is below all key moving averages. Once consolidation is complete, expect lower low to come.

Weekly chart shows increasing selling pressure. No buy signal/pattern evident on this timeframe.

Daily chart shows increasing bearish momentum as traders gapped down Friday's open in their haste to exit their positions. Since the bears sliced through the .618 fib area and didn't find much support, the next downside target is at the .786 fib area.

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