Recommended, Top Performing Stock (3): Biotech
By
Azeez Mustapha
PUBLISHED:
21 Sep 2016 @ 23:35
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More info about Azeez Mustapha
Biotech stock (NASDAQ:IBB) is currently in a bullish mode, and it may continue towards the resistance levels at 300.00, 400.00 and 500.00 within the next several months.
The ADX period 14, plus the DM+ and DM- are intertwined and therefore, they do not give any meaningful signal right now. We thus turn to the MACD, default parameters, whose signal lines and histogram are newly above the zero line. The MACD shows that the bulls are still willing to push price upwards here.
When momentum rises, it would most probably favor bulls. By then, The ADX would have gone above the level 30, showing a rally. The DM+ would have crossed above the DM-, showing that bulls are reigning. Biotech would go further and further upwards, reaching the resistance levels mentioned in the first paragraph.
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