Including Merck and Eli Lilly, drug and biotech stocks account for four of the top five investments by leading mutual funds. Amgen (AMGN) and AbbVie (ABBV) also earn that distinction.
Such institutional demand has lifted LLY and MRK above and beyond their most recent buy zones. AMGN is also extended. The biotech has posted several weeks of tight trading, which could be like a coil about to spring a new move.
With its relative strength line already at a new high, AbbVie continues to work on a chart pattern showing a 176.01 buy point.
Specialty chemicals firm Linde (LIN) round out the biggest new investments by the best mutual funds. The United Kingdom-based producer of industrial gases trades just above its recent buy zone from a double-bottom breakout.
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