Taking a view from the long term I see the following:
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is...
Biotech stocks have been hammered over the last year, with many currently trading at or below book value.
A reversal is due.
Some indications of a reversal in the short term with possible test of 118-120:
1. Price broke last low but is currently forming a bullish hammer.
2. Bullish divergence on the MACD histogram.
3. ADX below 20 indicates sell off is weak.
