Vertex Pharmaceuticals (VRTX) pushed to a new all time high Friday to close out the week. The stock has been in a general uptrend for years. After consolidating for a few months, the stock price moved sharply higher.
With the SCTR moving back above 75 and a fresh breakout, it is one of my favorite setups.
The biotech sector continues to outperform so this breakout helps continue the relative strength. If the breakout fails to hold above $170, there is a good reason to be stopped out there. This is the third attempt to breakout which looks likely to hold as it keeps persisting.
Greg Schnell, CMT, MFTA