Biotech Stocks Look Ready To Rebound

Looking at this week’s (4/7 and 4/8) action, biotech stocks are showing signs of support. Technical patterns, investor behavior and takeover interest are indicating that current prices offer a buying opportunity. Here is what has changed. (See “4 Reasons Not To Buy Biotechs Yet” for description of conditions last week.) Disclosure: Long position in iShares Nasdaq Biotechnology Index ETF (IBB), purchased today (4/8). The technical picture shows dual support levels