Some Sunday thoughts, American Markets are chopping around at...

Some Sunday thoughts,

American Markets are chopping around at highs, the XJO looks to be putting in a rough inverse head and shoulders (bullish).
Could very well see a pullback in the overall markets this week but I have found BOT to perform better in pullbacks over the past two months.

Anyway, Tomorrow marks 1 month out and sometime last week someone posted rough run ups of previous pharma stocks in the lead up to their FDA approval.
Correct me if I'm wrong (couldnt find the post) but I think it was an average of 30% gain in the final month before approval announcements. If BOT mimics past history, which it might or might not, this would see us at 35c given the current closing price of 27c.

Chart has had a pullback and bounced, what I would like to see here is some consolidation between 26c-29c with volume dropping off before a convincing break with the volume to match. RSI hit 55 on the pullback which is roughly where I guessed we would see a bounce, however an RSI value of 50 could still be on the cards - if markets overall have a poor week in the biotech sector.
I have also attached the US Biotech Sector ETF, seems to have come out of a downtrend and put in a higher low (good sign on the weekly) will be interesting to see if this heads up or down this week. Volume has definitely picked up last couple of months, market is still very cautious and in uncertain times it tends to think of the health sector as a sort of safehaven.

Will post again when the chart starts to tell more of the story.

Jake D