Gilead Sciences stock fell to a low of $57.04 on October 29, 2020 after a long bearish move. With this bottom, a small bottom began to form. Relapse in December 2020 to below $57.04 did nothing to change that.
On January 6th, the small bottom completed, which drove a bullish push to $69.36. Then the stock moved slightly sideways/upwards for several months. The upper withdrawal line is developed.
On August 12, 2021, the value broke above this trend line to the upside. Since then, there has been an upward dynamic. It broke the resistance at 72.34 USD yesterday, forming a long white candle.
Another possible path
Gilead’s stock could continue to rise over the next few weeks and days. Initial target would be $79.31. Later, the stock could rise to the central long-term hurdle at $83.26. However, in the short term, a relapse to the old upper withdrawal line must be taken into account. However, if the value drops below $67.95, the current bullish impulse will stop. In this case, a reversal to $57.04 is expected.
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Gilead Sciences Corporation
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(© GodmodeTrader 2021 – Author: Alexander Paulos, Technical Analyst and Trader)