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Stock Picks – iShares Nasdaq Biotechnology Index Fund-IBB

February 26, 2010  |   By Sam Collins, Chief Technical Analyst, InvestorPlace

 

iShares Nasdaq Biotechnology Index Fund (IBB) – The goal of this exchange-traded fund (ETF) is to provide investment results that correspond generally to the price-and-yield performance of the Nasdaq Biotechnology Index (NBI).   

IBB Chart 

Chart Legend 

In short, biotech stocks have broken out from a type of triple-top on a broad accumulation. 

This breakout represents a 17-month high with an eventual target of $95 to $100. 

The stochastic and other internal indicators are overbought, and investors may want to wait to buy IBB on a pullback to $85, but the course is clear, and that is definitely up.

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