Monday, November 20, 2017 12:53:05 PM
This morning, many of the leading biotechnology stocks are trading lower to start the day. The highly followed and traded iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) is trading lower by $2.70 to $308.51 a share. One of the most important components of the IBB is Amgen Inc (NASDAQ:AMGN).
This leading biotechnology stock has been pulling back since September 14th when it traded as high as $191.09 a share. Today, the biotech giant is trading at $168.46 a share. The stock is currently holding its 50-week moving average, but a weekly chart close below $167.00 level should trigger further declines. The $160.00 level is going to be the next major support area in the stock. This level is where the stock was defended in June 2017 and should be solid support when retested.
Nicholas Santiago
InTheMoneyStocks
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