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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