Biotech Breakdown: Market Breaks, Biotech Hits Highs (1/20/15)

Market Analysis

  • S&P seems to be taking cue from DOW at this stage
  • DOW broke trendline support, which implies a lower overall move. Yesterday's rally was bigger than expected, but a solid move back below the trendline (17300+/-) should confirm the forecast for a lower move. First target down would be 16600+/- (channel support)
  • NYSE testing triangle support

Biotech

  • IBB completed the "throw-over" to its wedge pattern
  • GILD broke back below 105
  • KITE broke 70
  • BDSI couldn't break 14
  • BIIB and ICPT both pop big today
  • PCRX tests 52-week high
Posted to The Biotech Trader on Jan 30, 2015 — 10:01 AM
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  • {[comment.author.username]} — Marketfy Staff — Maven — Member
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