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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.

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