Biotechnology ETF (IBB) – COVID Surge Fueling Biotech – July 1st, 2020
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.
- 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
- 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