OptionsPlay DailyPlay

The bullish DailyPlay for Wednesday, July 1st is the Biotechnology ETF (IBB). IBB has experienced a 0.04% decline over the past month and its 1M and 6M trend have turned bullish on June 16th. We see strong fundamentals in this industry with a spike of COVID-19 case and Biotech acting as a strong defensive play over the next few months.

Fundamental View

  • Over 100 Biotech companies competing to create a COVID-19 vaccine
  • IBB has over 10% exposure to 2 leaders (GILD & MRNA)
  • Broad exposure to a large portfolio of biotech companies seeking a vaccine

Technical View

  • Bounce higher off the $135-136 support level, provides potential upside
  • Very strong technical strength score – 9 (out of 10)
  • 1M and 6M trends are bullish
 
 

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