IBB Crosses Critical Technical Indicator
Technical Analysis Channel Staff - Thursday, March 4, 4:17 PM

In trading on Thursday, shares of the iShares Nasdaq Biotechnology ETF (IBB) entered into oversold territory, changing hands as low as $145.235 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of iShares Nasdaq Biotechnology, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 40.3.

A bullish investor could look at IBB's 29.4 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), IBB's low point in its 52 week range is $92.15 per share, with $174.04 as the 52 week high point — that compares with a last trade of $147.38. iShares Nasdaq Biotechnology shares are currently trading down about 2.1% on the day.

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