Nasdaq Biotech: NBI A good low risk buy point coming up tomorrow
NASDAQ BIOTECHNOLOGY INDEX: NBI A good low risk Buy Point Coming Up
Range trading between the parallels continues as it has done since last year's election low.
It' looks like it should fall back to 3267 where it becomes a buy again with stops just under 3250.
It should make a strong rally from here back up to 3575 for about 300 points gain, with
the first level of resistance at 3344 (close out first long here). A subsequent move above 3344
will be very positive for this index, taking up to 3435-3444 range before it falls away to
3380 at which point it should move higher to the 3575 target - at which point it becomes a short again
If this long call from 3266 is wrong, it means that the lower parallel that has guided this up-wave from
inception is also failing, an extremely bearish outcome should the stop at 3245 fail, signalling a move
back to 3168-3148 range (and a complete reversal of positions into near-term shorts) where this
index becomes a strong buy again.
Range trading between the parallels continues as it has done since last year's election low.
It' looks like it should fall back to 3267 where it becomes a buy again with stops just under 3250.
It should make a strong rally from here back up to 3575 for about 300 points gain, with
the first level of resistance at 3344 (close out first long here). A subsequent move above 3344
will be very positive for this index, taking up to 3435-3444 range before it falls away to
3380 at which point it should move higher to the 3575 target - at which point it becomes a short again
If this long call from 3266 is wrong, it means that the lower parallel that has guided this up-wave from
inception is also failing, an extremely bearish outcome should the stop at 3245 fail, signalling a move
back to 3168-3148 range (and a complete reversal of positions into near-term shorts) where this
index becomes a strong buy again.