IBB, the NASDAQ biotech ETF looks poised to breakout of a multi-year base at around $90.00.The top 10 holding of the IBB account for 46%, the balance is spread over the remaining 118 names.
Here are a few biotech names I like over the short-term:
AMGN, the top holding of the IBB had very bullish action on Friday, and looks poised to BO of its $57.00 base in the coming days. AMGN is scheduled to report earnings on Oct. 21 AH (after hours). I don't recommend holding into earnings unless you have protective option strategy.
BIIB - base around $58.00 looks good. Earnings Oct. 26 PM (pre-market).
CELG, the third largest holding in the IBB, has a very nice handle forming as price contracts at the $59.00 level. CELG is scheduled to report earnings on Oct. 28 PM.
MYGN has already broken out of its base. I'm looking for a shallow pullback to gap support/fill, as a springboard to higher prices. MYGN is scheduled to report earnings on Nov. 2 AH.
TEVA, the second largest holding in the IBB, looks good at $55.00. This setup is an inverse H&S bottom. TEVA reports earnings on Nov 2 PM.
CEPH is setting up at around $64.00-$64.50. CEPH reports earnings Oct. 28 AH.
No comments:
Post a Comment