Sector momentum: biotechnology fund is on the verge of a new breakout

FBIOX chart

The biotechnology sector has been one of the leading sectors in 2012 (see our February 13 blog entry). We reported on February 27, that the sector became overbought and was ripe for a pullback. After the correction, the Fidelity Select Biotechnology fund (FBIOX, last change: 2.33%) is on the move again and has reached its recent high. A decisive move above this level would be very bullish and would signal the start of a new upleg.

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