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Biotech ETF Update

Published 09/04/2020, 02:35 PM
Updated 07/09/2023, 06:31 AM

The Biotech ETF (NYSE:XBI) is testing a major support zone as the week comes to an end. This key area includes the initial all-time high set back in 2018 and the 2019 peak. Also beefing up the lower band is an upward sloping 200-day moving average. Just above the 200D is the 1/3 retracement level of the rally off the March lows. At midday the XBI is rebounding indicating there is buying interest near $101.00.

This major support zone runs from $101.50 down to $98.00.

The top XBI holdings:

Novavax (NASDAQ:NVAX) Inc
InVitae Corp (NYSE:NVTA)
Aimmune Therapeutics Inc (NASDAQ:AIMT)
Momenta Pharmaceuticals Inc (NASDAQ:MNTA)
Natera Inc (NASDAQ:NTRA)
Emergent Biosolutions Inc (NYSE:EBS)
TG Therapeutics Inc (NASDAQ:TGTX)
Sage Therapeutic (NASDAQ:SAGE)
Mirati Ther (NASDAQ:MRTX)
Immunomedics Inc (NASDAQ:IMMU)

Note: We are long the XBI in some managed accounts. We are looking to add to positions.

Gary S. Morrow's original post can been read here.

Latest comments

Seasonally Sep and October Mo the are weaker for biotech. How much upside do you think for XBI or biotech dextrose near term?
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