Biotech Update (IBB): Bulls need to act fast

The inability of IBB to break the descending Gann line (light blue) is a significant event pointing to further lower prices, in our opinion.

However bulls still have hopes as long as price stays above 277.90. In case price breaks below 277.90, then the next target (where the line in the sand lies for bulls) is 270.Below this level, bears are in control.