Ishares Nasdaq biotechnology index breaking out
On friday the 29th of September, the price broke out of the resistance line and produced a bullish signal.
There has been a sideway trend and consolidation area since ultimo August but it seems that this areak has now been broken.
Is Ishares Nasdaq biotechnology index breaking out now or will the Index move back below the line ?
I would like to see the price testing the new supportline before a buy signal is valid.
Ishares Nasdaq biotechnology index was up 10% in just 1 week starting August 22nd 2017, since then it has been in a sideways Trend for two month.
Since October 1st 2016 (last year) this index is up 18% and I believe Ishares Nasdaq biotechnology index breaking out soon and continue the Trend Up. Both Daily and weekly timeframe indicate continuously Up Trend and the price is above the MA(200) on both timeframes.
SL around 331 in case the price break the line.
There is always a downside. In case the price goes below the new supportline and also goes below the MA200, then we might see a fall down to the area of 312-315 area, so please remember to keep the tight SL for this one.