“The SPDR S&P Biotech ETF (XBI) was last seen 2.9% higher at $76.33, and earlier rallied as high as $76.60 — territory not charted since September 2015. As with IBB, the shares of XBI have been in a channel of higher lows and highs since bottoming around $44 in February 2016, and the ETF is set to end atop the $73 neighborhood — a 61.8% Fibonacci retracement of its decline from its mid-2015 all-time high to last year’s lows,” according to Schaeffer’s.

ETF traders who are betting big on the biotechnology sector rebound have also utilized leveraged long options including the Direxion Daily S&P Biotech Bull Shares (NYSEArca: LABU), which takes the 3x or 300% daily performance of the S&P Biotechnology Select Industry Index. That is the same index XBI tracks.

Other options include the ProShares UltraPro Nasdaq Biotechnology (NasdaqGM: UBIO), which takes the 3x daily performance of the Nasdaq Biotechnology Index, and the ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB), which takes the 2x performance of the same benchmark.

For more information on the biotech sector, visit our biotechnology category.