“IBB sits just below the 200-WMA. Plus, he is in the middle of the weekly channel range. Furthermore, back in May, IBB handily cleared above the 50-WMA.Now, we give it fresh eyes to see what should happen next so that this is not a one-day wonder.If IBB can clear that level, it will go to a new multiyear high as this has underperformed the benchmark since late 2021.If we move out in time frame, the weekly chart also tells us a story.
Should IBB hold over 140 as the week and end of the month progresses, we see a potential $20 move up from here.This is all risk on-as long as it holds above 76.50Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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Source: Investingcom - 🏆 450. / 53 Read more »
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