An uptrend channel has formed since biotech broke out from the ascending triangle, using the same lower trendline as the triangle.
Today, IBB is rallying off of oversold RSI, as well as lower trendline. In the past, such oversold RSI has lead to decent rallies.
Bought LABU (a 3x etf) here. Stop below today's low.
Today, IBB is rallying off of oversold RSI, as well as lower trendline. In the past, such oversold RSI has lead to decent rallies.
Bought LABU (a 3x etf) here. Stop below today's low.
Trade closed: stop reached
If it overshoots the 200ma and recovers, it could be a buy in a week or two.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.