Ionis Pharma (IONS) shares are coiled up and showing relative strength in the biotech group as the stock closed strong on highs Wednesday just above the buy trigger of the monthly value area at 42. IONS has spent about 6 weeks consolidating sideways on top of the 200-day MA after a strong surge higher in May and now looks ready to continue higher above 42 and retest the former highs at 43.50 as a first target with the upside potential at 46 which is a VPOC still untested from last year and also lines up with the 2022 yearly value high. IONS also last week saw an opening sale of 500 January $45 puts at $5.40.