To follow-up on a theme of my past few Weekly Strategy Sessions, upside momentum in the leading and winning biotechnology sector is assuredly becoming more selective by the day.
Two prior winners, CLDX MDVN, are good examples of this, seen on their updated daily charts below.
That said, if you are looking to turn bearish on the entire sector I think we would first need to see the majors start to crack, like AMGN BIIB CELG GILD VRX.
CELG VRX are printing some ugly reversal candles today. But bears must actually succeed with downside confirmation to pounce.
Otherwise, I would take this sector on a stock-by-stock basis at this point, looking for hidden gems set up well which have not already gone parabolic.
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I might buy more NVAX if we see ~$2.50. Or ONVO, as you’ve mentioned previously – a lot to like right here.
Agreed. Those two can work quite well.
chess,
I live in mpls, i go to chicago/lake that is fukn hilarious
Excellent, gary
SVA has been on a tear until today. We’ll see if anyone steps in to buy the dip. As for NVAX, an analyst annoucnes and $11 target and, after a brief bounce, this one dives.
Nice!