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The charts show biotech could still break higher

A technician at Regeneron Pharmaceuticals headquarters in Tarrytown, New York.
Mike Segar | Reuters

As political pressure appears to mount on biotech stocks, some technical analysts say the foundation for a bounce may be building.

"What I'm seeing is a basing situation here that I think by year-end could trade up to $340 or beyond," said John Kosar, director of research at Asbury Research.

The iShares Nasdaq Biotechnology ETF (IBB) traded near $287 a share midday Thursday, up slightly on the day but down roughly 15 percent for the year so far.