Since last week's close the IBB, the largest Biotech ETF of the group, has surged more than 6%. This index is now trading at new 2017 highs with the help of an aggressive buying wave. Celgene Corp.  (CELG) - Get Report , the largest holding in the IBB Index, is leading the charge. An extended rally into all-time high territory for the multinational biopharmaceutical company is developing.

Celgene mounted a monster post-election breakout on Nov. 9. The stock soared more than 10% that session but left behind an ominous spike high in the aftermath. Celgene began to fade the next day, eventually retracing the entire post-election surge. The stock remained listless until a powerful breakout in mid February but heavy resistance near the Nov. 9 peak capped the rally. This level, just above $127.00, has proven to be a major roadblock, until today.

In late May, Celgene built a solid base near its 200-day moving average. As June began the stock was back in rally mode. Last Friday upside volume began to surge as the stock neared the old highs. Today this aggressive accumulation wave continues as the stock blows past the 2016 peak. In the near term investors should consider the stock a low risk buy on weakness. A major support zone is now in place from the $128.00 to $126.00 area. A fade back to this area may not be in the cards anytime soon but the stock will need to consolidate before reaching its all time highs set back in 2015 at $140.70. 

Celgene's shares rose 5.4% to $133.02 by Wednesday's close.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.