The biotech stocks have the been one of the leading stocks sectors throughout 2012 and 2013. The Market Vectors Biotech ETF (BBH) has rallied higher by more than $36.00 since August 10, 2011. Today, the BBH is trading lower by 0.41 cents to $64.32 a share. The BBH looks very overbought and extended on the daily and weekly charts. This tells us that a pullback should be expected as it is very overdue. Short term traders should watch for intra-day support on the BBH around the $63.70, and $62.30 levels. The daily chart will likely have support around the $60.00 area.
Some other biotech ETF's that traders can follow include the SPDR S&P Biotech (ETF) (XBI), and the iShares NASDAQ Biotechnology Index (ETF) (IBB). Some of the leading biotech stocks that make up a large part of these ETF's include Amgen Inc (AMGN), Celgene Corporation (CELG), and Biogen Idec Inc (BIIB). All of these stocks have traded very similar chart patterns to the biotech ETF's so they are very susceptible to pullbacks at this time.
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Have The Biotech Stocks Topped Out?
Published 04/09/2013, 12:14 AM
Updated 07/09/2023, 06:31 AM
Have The Biotech Stocks Topped Out?
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