Anticipating The Powerful Advance In Gilead Sciences (GILD)

by Mike Paulenoff
October 30, 2022 • 4:32 PM EDT
Back on August 29, Mike Paulenoff alerted MPTrader members to his excitement about the potential for a powerful advance in Gilead Sciences (GILD), writing:
For two years, GILD has been traversing a wide (24%) range between 57-59 on the low side and 70-72 on the high side (see my attached Daily Chart). Every time GILD sinks into the vicinity of 60, it becomes relatively cheap within the range (57 stop) ahead of a traverse towards 70-72... If you are a VERY PATIENT investor who does not mind tying up money for an extended period of time, then you are risking a close under 56.50 to "be there" for the run to and above 69.00-70.00, and thereafter, towards a challenge of the upper boundary zone from 83 to 87, where GILD either will rocket into a new bull leg, or fail miserably.
My sense from the very BIG picture structural setup since 2010 is that since 2017 GILD has been biding time ahead of a forthcoming VERY BULLISH direction price catalyst (or catalysts) that will propel the stock out of its rangebound funk... Last is 62.56.
Fast-forward to last week in which indeed a catalyst unleashed GILD's bullish potential. It turned out to be a Q3 Earnings Report that far exceeded Wall Street's expectations, and as such, triggered an extremely positive investor reaction that propelled the stock above a 2-1/2 year resistance plateau from 72 to 74, toward Mikes intermediate-term target zone of 83 to 87.
GILD closed at 79.27 on Friday, a full 27% above its price when Mike first alerted MPTrader members on August 29.
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