Biotechnology ETF (IBB) – Vaccine Play – July 28th, 2020

The bullish DailyPlay for Tuesday, July 28th is the Nasdaq Biotechnology ETF (IBB). IBB has experienced a 0.1% gain over the past month and its 1M trend turned bearish to neutral yesterday as it bounced higher off its $135 support on a pullback.

Fundamental View

  • Vaccine hopes continue to drive investments and interest in Pharma
  • Bottoms up analysis sees a 12.59% upside for IBB’s holdings
  • Major biotech earnings reports over the next 2 weeks

Technical View

  • Price formed a double bottom at $135 support last week
  • 6M trend is bullish and 1M trend turned neutral from bearish yesterday
  • Very strong relative strength, technical score (9 out of 10)

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Market Outlook

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