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.
What's next for GILD and other names and ETFs in the Biotech and Healthcare space? Join Mike and MPTrader members for their constant intraday market discussions about individual stocks, ETFs, Macro Indices, Commodities, Crypto, and much more, especially during the forthcoming consequential Fed Week!
On Wednesday, September 7, during one of Mike Paulenoff's frequent intraday updates of the E-Mini SP 500 futures contract (symbol ES) to keep MPTrader members informed about dominant near and intermediate-term trend direction in the index and the SPY ETF, Mike posted an important warning:"ES from a BIG Picture perspective shows the weakness off of last Friday's (9/01) rally high at 4547.75 into this AM's low at 4434.75 (-2.5% of the 4.
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.
A week ago Friday, August 10, with SPY (SPDR SP 500 ETF) trading at 446.05, Mike Paulenoff posted a chart commentary to MPTrader members indicating that his technical setup work on SPY was at a critical pattern inflection point.Mike wrote:"Based on today's action, I have come to the conclusion that the "orthodox low" of the decline from the 7/27 high (459.55)... ended at Tuesday's (8/08) low (445.27), and that an intervening counter-trend rally ended at today's (8/10) high (451.