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The iShares Nasdaq Biotech ETF ($IBB), which we have been long in our model trading portfolio since August 14, showed relative strength by rallying 0.9% yesterday. More importantly, it closed just above an area of near-term price resistance. In case you missed our original August 14 buy entry, the chart pattern of $IBB shows the ETF is now presenting a secondary buy setup (or a point to add additional shares). The first chart below is of the hourly timeframe, which shows yesterday’s breakout above the near-term horizontal price resistance…

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