ishares Nasdaq Biotechnology Index heading for support test A level to watch next week is the 30-day moving average. This has been a proxy for a hand-drawn uptrend line that is less noisy and therefore more close-fitting than the 10-day. The 30-day was last at $255.69. The 30-day hasn't been broken on the downside, for very long anyway, within the prior year. How price behaves at this test is therefore more important given the number of times it has held or preceded a consolidation (sideways) phase that then leads to greater highs.
iShares Nasdaq Biotechnology Index trades near resistance There has been a broad recovery in the underlying, but price has stopped short of testing the top of the bearish price channel. The 10-day moving average is a reasonable proxy for the channel line and was last at $350.12. Support is at $346.22.