LikesMoney
Independent Analyst
Biotech had been a leading sector through July, 2015.
Then Biotech began its decline into its yearly cycle low. Biotech printed its yearly low in early February, where it found support at the raising 200 week MA. Biotech has since been consolidating the yearly cycle decline building a base.
Biotech has been consolidating the yearly cycle decline for the past 7 weeks. The previous 2 yearly cycle declines also needed to consolidate 6 - 8 weeks prior to rallying.
We received our first indication on Friday that Biotech may be ready to emerge out of its consolidation.
Biotech has been in a daily down trend that has been characterized by peaks below the upper daily cycle band and troughs below the lower daily cycle band. Closing above the the upper daily cycle band on Friday delivers our first indication that Biotech has begun a new daily uptrend. Biotech should remain in a daily uptrend until it closes below the lower daily cycle band.
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