Gilead Sciences (GILD): Chances in Pharma Beyond Tech

Gilead Sciences (GILD): GILD

We're aiming to diversify our portfolio beyond just tech stocks and the tech sector. We're now focusing on companies in the pharmaceutical industry, such as Gilead Sciences. Analyzing the weekly chart, we observed the largest surge since 2010 for Wave (3). We believe we've also completed Wave (4) at $56.56. The peak was at $123.27, marking our all-time high.

This figure is our target for the minimum achievement for Wave 3. It's crucial, and significantly, we anticipate a high selling pressure at this level. Zooming in, we presume we are in Wave 2, expected to conclude between 61.8% and 78.6% retracement. This positions us with a relatively favorable risk-to-reward ratio on the daily chart. Should we drop below this 78.6% retracement level, we could fall back to $56. If that happens, we'll face a problem, potentially falling further for Wave (4) to a maximum of $30. If this decline doesn't materialize, we'll continue to anticipate an upward movement.

Comment:

For Gilead, since our last update, we've seen sideways movement. Nonetheless, we still believe we haven't concluded Wave ((c)) and Wave 2. We maintain that we'll reach the 61.8% mark at $69.34. We've observed a parallel channel that we exited upwards with Wave ((b)) but quickly reclaimed. Therefore, we also anticipate that we might touch the lower part of this channel. Hence, we should definitely lie within the zone between 61.8% and 78.6%. Still we continue to place our entry on this Fibonacci retracement level, not on the channel. Looking upwards, we then expect a rise to at least $123.27.

Trade active:

We got filled on our Gilead entry on wave 2. As anticipated just two days ago, we wanted to see a limit fill on the trend channel and we got it ✅
The channel and the wave 2 retracement should be in great confluence for a possible retracement here on Gilead. We are updating you once it develops further.