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.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Super Trading Strategies: Super Strategies
Buy and sell Neteller here; get funded quickly: www.ituglobalfx.com.ng
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