Biotech and Coal Outperform
08/09/2010 10:05 am EST
Perhaps surprisingly, these are two of the best-performing sectors since the July lows with gains of 20.1% and 28.2%, respectively. The daily charts show that the June highs have been convincingly overcome. Biotech has next strong resistance in the 520-530 area with key support at 475-490. Some of the best-performing biotech stocks are DNDN, GILD, and AMGN. The coal index looks even stronger and has next resistance at 340-350 with key support at 289. Some of the stronger coal stocks are ACI, JRCC, and MEE.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.