Biotech Bonanza:

After advancing everyday this week, the XBI looks to have surpassed a double top near the round 120 number. Since surging decisively above 120 on 11/4 rising more than 6%, in the best daily volume in 5 months it has defended the level well, with a potential add on now above a bull flag formation. The XBI rose 4.3% this past week, slightly outshining the PPH which added 3.2%. Of course what ignited the powerful week was the PFE news Monday morning, and ironically that name ended the week 8% off its peak. Another vaccine name fared much better in MRNA, which CLOSED right at WEEKLY highs, gaining 23.4% (peers NVAX is now bumping up against a downward sloping 50 day SMA for the fifth time since this summer). Other names to watch in the space are BHVN, which jumped more than 12% this week, not long after breaking above a bull flag with a pivot at the 80 figure on 11/3. A turnaround play could be in store for BHC, which has been trading somewhat tautly between the 15-20 area for the last 7 months. A CLOSE above the very round 20 figure, could put the name on a course to the 30 number it hit almost one year ago.

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