The Nasdaq Biotech Index has rallied more than 10% off its post-Brexit lows, but as shown in the one-year chart of the group below, it still can’t get above resistance at the top of its steep downtrend channel.  The fact that the group made a “lower low” during the Brexit sell-off is another discouraging sign from a technical standpoint.


A longer-term (3 years) chart of the Biotech group below provides an additional snapshot of how painful the descent has been over the last year.



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