NBIX Breakout Trade
NBIX is in the biotech sector which I have been highlighting for several months as one of the strongest areas in the market.
After emerging from a textbook breakout pattern in early August, shares have consolidated in a tight handle formation.
If you look at the relative strength line at the top of the chart, you will notice three pink dots over the last several days. These show the RS line making new highs. Although the stock drifted sideways, the rest of the market has been in an ugly correction, so NBIX is actually holding up better than most other names.
I'm looking for a breakout on volume above its down sloping trendline.
After emerging from a textbook breakout pattern in early August, shares have consolidated in a tight handle formation.
If you look at the relative strength line at the top of the chart, you will notice three pink dots over the last several days. These show the RS line making new highs. Although the stock drifted sideways, the rest of the market has been in an ugly correction, so NBIX is actually holding up better than most other names.
I'm looking for a breakout on volume above its down sloping trendline.
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