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Berger: NASDAQ biotechnology sector overextended
Serge Berger, who is also known as The Steady Trader, believes the NASDAQ Biotechnology ETF could be due for a large reversal. The IBB index has seen impressive rallies over the past couple of years, gaining 30% in 2012, rallying 70% in 2013, and rallying another 35% in 2014. Year-to-date the index is up 15%. Biotechnology stocks are extremely volatile according to Serge, and are susceptible to pullbacks ranging from 10-25%. With the IBB index currently extended above its 50 and 200 day moving averages, Serge believes there is potential for a 5-15% reversal. He is planning to short the index around USD 345 with a target of USD 320. A stop can be placed at USD 360.
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Non-independent investment research disclaimer
01:47 minutes
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