-ALLO has broken out of a falling wedge consolidation
-Breakout occurred after finding support at the 61.8% retracement of move off the March low and 100% of the A move lower (which appear to agree on the $31 range), and the $33.5-35.5 area that acted as resistance on 5 prior occasions
-Breakout occurred after finding support at the 61.8% retracement of move off the March low and 100% of the A move lower (which appear to agree on the $31 range), and the $33.5-35.5 area that acted as resistance on 5 prior occasions
Comment:
Nice move here. IMO biotech sector is just getting started, XBI still trades well below the all time XBI/SPY highs