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Biotech Bounce Coming?
This is an abbreviated version today.
Biotech may be getting ready to mount its comeback, based on the trading the Nasdaq Biotech ETF ($IBB). The chart below shows how the ETF is grazing up long-term trend line while appearing to be in the process of creating a double bottom.
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Celgene
Celgene shares lead the Biotech’s into this mess, and Celgene is going to have to drive it out of this mess. The stock has two huge gaps that need to be filled, and if the stock can clear $103, it may very well be on the path to filling the first one.
Biogen
Biogen shares may be signaling a bottom as well, with “W” type of pattern being created.
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Micron
Micron shares are surging again! And the options traders are back in the name as well. With nearly 32,000 of the November 17 $46 calls trading.
Tesla
Tesla once again held the 200-DMA and found a nice bounce mid-day to take the stock back to its longer-term trend line. That is a positive for Tesla bulls.
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Michael Kramer and the clients of Mott Capital own shares of TSLA and CELG
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.