Biotech Stocks Poised For Another Leg Higher?

I was asked to participate in a discussion on the biotech stocks for CNBC yesterday...with Gina Sanchez, the CEO of Chantico Global. I discussed the technical aspects of the IBB biotech ETF...while Gina touched-on the fundamental aspect of the group.

After turning bullish on the group in October, the IBB rallied 16% over the next two months. At that time (early December), I changed my stance a bit and stated that the group had become overbought...and thus due for a "breather."

Now that its overbought conditions has been worked-off, I'm looking for a break above the 2018/19 highs for the IBB. If that can take place, it's going to be very bullish for the group.

Posted to The Maley Report on Jan 10, 2020 — 9:01 AM
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