Swing Trade Idea (IBB) – May 21, 2021
Our bullish trade for Friday, May 21st is the Biotechnology ETF (IBB). IBB has experienced a 1.55% loss in the last month and its 1M and 6M trends turned bullish yesterday.
IBB’s price found support at the $144 area and bounced higher with strong momentum. With a technical score of 4 (out of 10), IBB is a weak stock that will likely move higher from these levels.
As a stop loss, if IBB were to trade above $144.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $4.30.
