Swing Trade Idea – (IBB) – July 28, 2020
Our bullish trade for Tuesday, July 28th is Biotechnology ETF (IBB). IBB has experienced a 1.54% gain in the last month and its 1M trend turned bullish on June 27th.
IBB’s price pulled back to an area of support and bounced higher with strong momentum after forming a double bottom. With a technical score of 9 (out of 10), IBB is a very strong stock that will likely move higher.
As a stop loss, if IBB were to trade below $135.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $2.40.
