Yep, I've been watching that NBI support level too. I think it is too simplistic to attribute the drop on the NBI solely to covid re-opening though - the main factor at play is inflation and interest rates and the resulting rotation out of growth. Biotech has been hit particularly hard as, ex big pharma, most biotechs are pre-profit if not pre-revenue with long duration times to earnings.
Having said that, I am similarly bullish this support will hold as I think 6 or 7 rate hikes are priced into the market and that is probably worst case scenario for biotech - particularly as core inflation came in under expectations in the US last night. From the technical perspective, the current NBI support level is also at the 61.8% fib retracement level from the 2020 covid low which adds some strength.
IMUGENE CHART. TA only, page-13109
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