Personally, I am leaning slightly toward bearish on the stock market, but the Biotech sector has been going to its own beat. Taken in a vacuum, Gilead has an interesting chart pattern and is thus presented without any baggage about the markets or even the sector. If you like the Bio’s and if you like Gilead, here’s the technical scoop…
GILD has been working on a weirdly bullish looking pattern for months now. Today it is popping above the pattern’s down-sloped resistance.
The weekly view lends perspective.
Both charts have constructive MACD and RSI. The weekly’s down triggered MACD is constructive in that a very over bought reading has been totally worked off.
Buy Target: 102 to 104
Sell Target: 120 (or anywhere lower that a profit is deemed acceptable)
Stop Loss: Below 100 to suit risk tolerance. The MA’s 50 & 200 converge at 101 and they should be respected.
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.