Another Biotech Play

It's tough to chase. I did a little chasing on Neurocrine Biosciences (NBIX) this afternoon. As I've made clear, I'm still comfortable in biotech even with the S&P 500 pushing into uncharted territory.

Neurocrine Biosciences (NBIX) Source: StockCharts.com View Chart » View in New Window »

Here's the issue: No sooner did I buy the stock, upload the chart and type a few sentences, the darn thing started to run higher. From a price perspective, the chart looks strong, although I'm a bit concerned by the slight bearish divergences in the relative strength index and stochastics. That is why I would say don't chase here but keep this one on the radar for a pullback buying opportunity. I will be looking for any pullback to the $12.05 and a subsequent bounce to add to a long position....115 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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