Biotechs are bullish again, pushing through its 50sma on Thursday. Many of the winning stock picks therein exhibit a return to “risk on” sentiment. If XBI IBB and XLV continue to show strength these stocks should outperform.
RSI is suggesting higher prices if XBI can move above 79.95. Volume by Price (VBP) resistance pulls back markedly at this point, as overhead supply diminishes. With MACD forming a bullish cross, bulls are in the driver’s seat once again.
Watch your favorite biotech stocks over the next few trading sessions. Many of these candidates exhibit bullish sentiment, as we see in Immunomedics, Inc. (IMMU). The stock has a short percent of 33.68%.
Whether you are trading biotech or pharmaceutical stocks over the next couple of days, they all look bullish as sentiment returns to “risk on.”
Finally, the McClellan Oscillators for both the NYSE and COMPQ are at a nadir. The cycle is turning bullish as breadth improves. Watch these two as the bulls take charge. S&P and NDX futures are bullish this morning as well.