BALTIMORE (Stockpickr) -- Biotech stocks have been going bananas in 2015. For a year that's been characterized by corralling the big stock indices in a narrow trading range, biotech stocks have been on fire.
Since the calendar flipped to January, the S&P 500 index has just barely managed to move 3% higher. Meanwhile, the SPDR S&P Biotech ETF (XBI) is up 40% over that same stretch. That's no fluke. With a spate of major drug approvals and a huge uptick in M&A activity, it's not surprising that the whole biotechnology industry has been in rally-mode this year.
And while it seems like most investors are trying to pick a top in biotechs, some of the hottest biotech stocks look ready to kick off another leg higher this summer. To take advantage of those opportunities, we're turning to the charts for a technical look at five biotech stocks that look ready to make big moves.
For the unfamiliar, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.
Without further ado, let's take a look at five technical setups worth trading now.