Biotech still marching higher
The iShares Biotechnology ETF broke out to new highs on Friday and extended its advance today. This remains a steep but consistent advance and a break in the progression of higher reaction lows would be required to question the advance.
What is perhaps most interesting is the commonality evident in the constituents of the ETF.
Regeneron Pharmaceuticals has one of the most similar patterns to the ETF.
Gilead Sciences is the largest constituent and continues to extend its rebound but is becoming somewhat overbought after six consecutive weeks to the upside.
Amgen, Biogen and Celgene account for more than a combined 20% weighting and share similar patterns. All are bouncing from the region of their respective 200-day MAs.
Bio-Techne remains in a consistent uptrend and is also bouncing from the region of its 200-day MA.
France listed Ipsen is also bouncing following a partial unwind of its overbought condition relative to the 200-day MA.