We track the Biotech iShares each week, and here is the up to the minute view of a constructive situation breaking to a bullish one. From NFTRH 514 (I since added BIIB as well, per the Trade Log).
The rough target for this pattern, which has turned out to be a Cup with a Handle breakout is around 137 as long as the 118-119 area holds as new support. Insofar as one wants to be bullish the US stock market (I am raising risk management until we clear Labor day) this may make sense.
The weekly chart shows that the target area would be a new high, above the previous high made way back in 2015. Being a part of the general Healthcare sector, I wonder if Biotech could at some point take over leadership from Medical Devices, which are very extended.
Regardless, if you have interest in Biotech you might find the breakout of interest.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
