Showing signs of accumlation but has to close above $290
Bullish above $290. Buyer of $270 as risk is well defined
IBB has been under accumulation for most of 2016. This is try because both the monthly and weekly vertical bar/candle stick charts are in distribution. In other words this smaller timeframe is in accumulation and upon testing $320 will likely encounter longer timeframe supply and continue to break down and test $240.
We can see selling volume contract on the re-test of lows followed by an increase in buying demand. Note; however, they buying volume is contracting into resistance of $290. It is reasonable to anticipate that prices will pullback and test $270 where I suspect strong hands will resume control and push price discovery higher.
Good Luck
IBB has been under accumulation for most of 2016. This is try because both the monthly and weekly vertical bar/candle stick charts are in distribution. In other words this smaller timeframe is in accumulation and upon testing $320 will likely encounter longer timeframe supply and continue to break down and test $240.
We can see selling volume contract on the re-test of lows followed by an increase in buying demand. Note; however, they buying volume is contracting into resistance of $290. It is reasonable to anticipate that prices will pullback and test $270 where I suspect strong hands will resume control and push price discovery higher.
Good Luck