Searching For Support In Biotech
Biotech Holders
(
BBH |
Quote |
Chart |
News |
PowerRating)
have been in freefall since March 18. For short traders this has been a fun
ride. However, I’m hauling out the flare gun and pulling the trigger. BBH is
now sitting on key daily price support from 99.74-106.96. There are nine levels
of price support in this zone. If we fail to hold the first daily zone of 105.95-106.96,
then BBH will likely slide down into the focus price support zone from 99.74-103.71
(6 levels). Fibonacci time analysis is also pointing to a potential cycle low
in time around May 3. So, if I were short, I’d be taking profits and tightening
up stops. With daily price support identified and in focus, we can now make
good trading decisions against these key price and time parameters.
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