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Don't Trust The $IBB Pumpers

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

I cannot tell you how many investors have been screaming for everyone to buy the iShares NASDAQ Biotechnology Index (NASDAQ:IBB). I am here to say, the stock chart signals the exact opposite. A week and a half ago the NASDAQ Biotech Index (IBB) collapsed sharply. Since then, it has slowly inched up, but has never taken out the big monster down day. This is known as an bearish inside bar pattern. In addition, as seen on the stock chart below, there is a head and shoulder pattern forming. This is an extremely bearish bigger pattern that signals major downside. Be super careful. I am going short.

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Bear stock chart pattern iShares NASDAQ Biotechnology Index


This article was written by Tony Jackson for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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