DailyPlay – iShares Biotechnology ETF (IBB) – November 24th, 2021

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The bearish DailyPlay for Wednesday, November 24th is the iShares Biotechnology ETF (IBB). IBB has been on a bearish trend since mid-September and has recently broken below a key support area ($154) with strong bearish momentum. Price pulled back late yesterday providing a better risk/reward bearish entry. 

Both 1M and 6M trends have been bearish since November 5th and with a technical score of 5 (out of 10), IBB is a neutral ETF that is expected to move lower from current levels. The next area of support for IBB is $146 and should this level be broken, additional support can be found at $138. 

As this is a credit spread, look to take profits at 50% gain and cut losses at 100%:

• Take Profits: $1.25 Debit
• Stop Loss: $5.00 Debit

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