Biotech Perking up on Multiple Timeframes

IBB Monthly

IBB has rotated up on the Monthly chart for May. We saw price come down and test key support but then managed to recover and close above the April high. This sets up an easy risk/reward using the key support at May's low as a stop

Weekly

To follow up the Monthly Bull signal, the Weekly chart confirmed an Outside/Up rotation. This also managed to move to new 10-week highs, which is a significant short-term momentum signal. This can be a more tactical trade using this week's low as the risk reference point. Substantial upside exists from these two combined timeframes.

Daily

Zooming in on the Daily chart we can see these recent tests of the $100 level and then the clean breakout over the last 2-months highs.

XBI looks even stronger but the patterns in IBB are a little cleaner in my view.

XBI finished May at the highest Monthly close ever

Our portfolios are currently long ILMN, RGEN, JAZZ

ILMN

RGEN

JAZZ