Friday, July 4, 2014

Market Could Be High On Drug

The market continues to rotate as it grinds higher, and it appears to be rotating back to some of the recent battered biotech and big pharma stocks. Here are some of these stocks that are showing sign they are setting up to move higher.

PCYC:

(click on the chart to get an enlarged view)
It appears to have found an intermediate term bottom near 84 and is holding above that low. If it can break the potential resistance near 103.50, then look for a possible move up to test the level near 121.50.


TEVA:

TEVA pulled back to the 48 level after it has put in a new 52 week high in April. Last week it made a new 52 week high, and could be moving to test its all time high level near 65.


PFE:

Recently it has bounced off its long term supporting trendline and broke above its pivot high near 30. It is attempting to complete the gap fill and move to test its 52 week high near 33.


BIIB:

It has broken out of the cup & handle like price pattern when the price moved above the 322 level last week. It is now appear to be heading up to test its 52 week high near 359.


ISRG:

ISRG is pulling back to test the support level near 398 after it has filled the price gap. Look for a bounce off the support and a move to the next price gap level near 465.



REGN:

It held and bounced off the long term trendline from its recent pullback. If it can break above the 320 pivot high level then look for a possible test of its all time high near 353.



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