GILD closes within previous day's range

Gilead Sciences (GILD) Technical Analysis Report for Sep 14, 2018

Highlights

GILD breaks below 20-day moving average
GILD unable to break through key resistance level
GILD ends the day on a bearish note closing near the low of the day
GILD closes within previous day's range

TQ Sentiment

Report Sentiment: 57% Bearish
Technical Forecast:

Overview

GILD ended the week 1.61% higher at 73.38 after losing $0.74 (-1.0%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GILD

Volatility

Friday's trading range was $1.32 (1.78%), that's slightly below last trading month's daily average range of $1.33. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Regardless of a strong opening Gilead Sciences closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 72.90. Unable to break through the key technical resistance level at 74.35, the share closed below it after spiking as high as 74.54 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock broke below the 20-day moving average at 73.84 today for the first time since September 4th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 72.90 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Gilead Sciences

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