Biotech in bearish trend
Updated
50sma has been an important moving average for this ETF.
We see 3 consecutive tests of the 50sma as resistance and a bounce lower.
As we see lower highs and lower lows, the bearish trend is confirmed.
I expect we fail again and test the blue line ($144.5).
We see 3 consecutive tests of the 50sma as resistance and a bounce lower.
As we see lower highs and lower lows, the bearish trend is confirmed.
I expect we fail again and test the blue line ($144.5).
Note
Another opportunity to short is presenting if we can't get above the $144.5 blue line again.If we test it and head lower, the next target is $130
Trade closed: target reached
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