Beaten down biotech stocks may get a breather soon after big sector funds bounced at key support levels earlier this week. Top tier components look like the best long-side bets right now, after probing and bouncing at first quarter support levels. Less volatile world markets after a Brexit referendum defeat could set these stocks into motion, retracing significant percentages of their recent declines.

The sector has been under pressure since recovery efforts fizzled out in April at key resistance levels. The highest capitalized membership has been carving out basing patterns since that time, while monthly Stochastics oscillators have reached deeply oversold levels. This configuration may signal the start of a fresh recovery effort that yields significant long side profits in coming weeks.

Read more: Big Biotech Set to Bounce Off Deep Lows (GILD, CELG) | Investopedia http://www.investopedia.com/stock-analysis/cotd/062316/big-biotech-set-bounce-deep-lows-gild-celg-gild-celg-amgn.aspx#ixzz4CgvtI3QU 
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