A recent breakout may usher in a new leg up for the iShares Nasdaq Biotechnology ETF (IBB), says Frank Cappelleri, Chief Market Technician at Instinet.

The IBB made a new all time high on 11 May breaking above its previous high from 2015 (see Chart). Cappelleri thinks this could usher in a brand new upwards trend should it be able to hold the 120 zone on prospective pullbacks.

See Chart.