Gilead Sciences, Inc. : A "V bottom" takes shape
By Alexis Peyrard
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
US$80.94 | US$90 | US$81.8 | +11.19% |
Graphically, the share followed a long term bullish trend. Recently, a strong rebound, after an also strong consolidation phase, drew a V bottom figure. This pattern which will be confirmed by crossing the USD 84 resistance level, indicate a continuation of the bullish trend ended at the end of February. Moreover, moving averages are well oriented on all time scales and support this idea.
Therefore, considering technical patterns and strong fundamentals on the company, a long position could be taken above USD 84, targeting USD 90. Nonetheless, a stop loss will be placed under USD 82 in case of failure of the bullish overflow.