Wednesday, December 30, 2015

Biotech ($BTK): At the end of the apex

Even though I recently called the top in natural gas a little early, it just meant that instead of selling when it was 'over-bought' you should definitely be selling when it's 'super-overbought.'

I've now noticed that the Biotechnology Index ($BTK) has now gone to the edge of the bearish ascending wedge meaning I am strongly advising entering a short/sell. The RSI and Stochastic indicators are both looking overbought at the moment along with general market so taking a short or selling profits right now seems advisable.