5.8 C
New York
Monday, November 25, 2024
HomeMarkets
Markets

Bio Tech- Market Leadership testing breakdown level

By kimblechartingsolutions
0
66
psw-placeholder
psw-placeholder

Courtesy of Chris Kimble.

ibb spx near breakdown levels june 21

CLICK ON CHART TO ENLARGE

Bio-Tech was tons stronger than the broad markets from 2011 to 2015 at (1) above.

Once support broke and Bio-Tech kissed the underside of resistance at (2) above, sellers stepped in and this leading upside sector, now has been a leader to the downside since July of 2015. Once weakness started taking place in this sector, broad markets did the same.

Now Bio-Tech IBB could be forming a “Bearish Descending Triangle” with a key test of support taking place right now at (3) above.

No doubt support is support until broken and support still remains in play at (3).

If sellers step forward and IBB/SPX breaks support, it would reflect new found downside leadership from this key sector, which could spill over into the broad markets.

We humbly feel that the next big move to take place at (3), could well impact portfolio construction heading towards year end.

–

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

156,462FansLike
396,312FollowersFollow
2,320SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x