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.

biotech1year

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.

biotech3years

 

Print Friendly, PDF & Email