GILD stock (Gilead Sciences Inc.) price is trading above the significant moving averages and is close to the hurdle of $80, which buyers are trying to surpass. Moreover, GILD stock formed a doji candlestick above the 20-day EMA in the past session, indicating that buyers are ready to surpass the trendline of the falling wedge pattern and are willing to fill the gap near $85.
The price action shows that GILD stock has corrected and formed lower highs and lower lows inside the falling channel. However, the price retested the demand zone near $75 and recovered from the lower trendline. Recently, GILD stock released its Q2 earnings which were below estimates, but the stock reacted with the surge instead of further correction. Afterward, the stock showed a follow-on buying post gap-up and is near the spot of $80.
At press time, GILD stock price is trading at $80.00 and close with a flat move of 0.00%, forming a doji in yesterday’s session. Moreover, the trading volume remained at 3.873 Million, and the market cap is $99.681 Billion. However, Analysts maintained a buy and outperform rating with a yearly target price of $91.04, suggesting a growth outlook for the upcoming sessions.
Gilead Sciences, Inc. is a biopharmaceutical company that researches, develops, and commercializes medicines in areas of unmet medical need. The firm’s primary focus areas include human immunodeficiency virus, acquired immunodeficiency syndrome, liver diseases, hematology, oncology, and inflammation and respiratory diseases.
It offers antiviral products under Harvoni, Genvoya, Epclusa, Truvada, Atripla, Descovy, Stribild, Viread, Odefsey, Complera/Eviplera, Sovaldi, and Vosevi brands. The company was founded by Michael L. Riordan on June 22, 1987, and is headquartered in Foster City, CA.
GILD Stock Price Action On Daily Charts
On the daily charts, GILD stock price formed a falling wedge pattern, trading close to the channel upper trendline of $80. Moreover, the technical parameters initiated a bullish signal and suggested a rise toward $85 in the upcoming sessions.
As per the Fib levels, GILD stock has retested the 38.2% and is near the 50% level, which may be surpassed soon. Moreover, the price is trading above the key MA and near the upper Bollinger band showing buyers strength on the charts.
The RSI curve stayed in the overbought zone forming a positive crossover delivering bullish momentum on the charts. The MACD indicator shows a bullish crossover and a spike in green bars on the histogram, suggesting a breakout.
Conclusion:
GILD stock price is close to the channel upper trendline, near $80, which buyers want to surpass. Furthermore, the technicals initiated a buying signal and suggested that the gap near $85 will be filled soon. Buyers have started accumulating and are preparing to register for a breakout in the following sessions.
Technical Levels:
Support Levels: $76 and $70
Resistance Levels: $85 and $90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/13/gild-stock-nasdaq-gild-close-to-breakout-will-it-surpass-80/