GILD not looking goodThis is Gilead Sciences weekly chart. It's been on a very long term down trend. This year's breakout of the recent trend line doesn't signify much as it is halted by the 50 moving average. It is holding at 64-65 support level. Using the Stoch RSI as a cycle guide, it might have an up cycle but a weak one. It might go up to 66-68 level before heading down. If it does, then it has formed a Head & Shoulders pattern (sort of) on the Daily chart. We can look to enter when there's any reversal candle or chart pattern on the 60min chart.
Target profit 1 will be 62 level i.e. 20 moving average. It might rebound seeing this level is also a support.
It could also go straight to target profit 2 which is 57-58 level. If it does bounce at 62 level and back to 64 resistance level, then we can look to short again if price action still shows weakness.
We will revisit again once this move is completed as it seems like 57-58 level might prove to be a turning point for GILD.
If you have any symbols from any market that you would like me to analyze, just let me know and I'll be happy to do it for you.
