Biotech Poised For An Upside Breakout

Published 05/01/2017, 12:20 AM
Updated 07/09/2023, 06:31 AM

It looks like someone likes the Biotech (NASDAQ:IBB) this year, as demonstrated by the percentages gained on IBB plus the 9 Major Sectors, as shown on the following Year-to-date graph.

Biotech ETF
And with IBB poised for an upside breakout above major resistance, it's one to watch, as shown on the following IBB + Major Sector charts.

IBB And Major Sector Charts

Lastly, let's see if IBB can begin to outperform the Nasdaq 100 Index (NDX), as price now sits at major support on this IBB:NDX ratio chart. In that case, watch for the RSI to rise and hold above the 50 level and for price to break and hold above the 50-day moving average.

IBB:NDX Ratio Chart

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