Monday, June 20, 2016

Biotechhnology (IBB) : Brexit or not there is still potential for a further move lower

Biotechnology shares(IBB) had a huge rally from March 2009 to July 2015 with an astonishing performance of +570%!.

However since July last year IBB is in a clear downtrend and down around -35%.

Currently we favour a further move down towards 190-200 where it will probably signal at least a medium term bottom for Biotechnology.

Will Brexit ignite the anticipated move down?Sure it can.

If Bremain predominates then a relief move towards 270 is very possible.Again this will be a very critical decision level for IBB. Above this level the road towards 300 is clear, below it ,again, 190-200 is the target.

So, all eyes on British referendum ...