Posted On: 03/23/2014 3:02:07 PM
Post# of 2561
GILD Daily Chart ~ The Reason for the Biotech Weakness
GILD is receiving the main reason for the weakness in the bio sector over the last three days. But those who follow the charts and technicals already know that the GILD charts gave a sell signal in late February, long before the real bleeding began. Additionally, the break of its rising support line with a subsequent week of attempting to hold near it, failed and the rest is history as the decline then took out the MA50. The next support target was the MA100 which the stock tried to hold for five days before falling under it late Thursday and obviously on Friday. A break of the 69.04/70.00 area will more than likely lead to a fall into the MA200 at 67.53 (but rising). GILD is a fantastic company with superb management and a great pipeline of products. But the big boards are undergoing a shift of funds from some sectors into others. So for now, GILD is a great company with a broken stock currently. GLTA
GILD is receiving the main reason for the weakness in the bio sector over the last three days. But those who follow the charts and technicals already know that the GILD charts gave a sell signal in late February, long before the real bleeding began. Additionally, the break of its rising support line with a subsequent week of attempting to hold near it, failed and the rest is history as the decline then took out the MA50. The next support target was the MA100 which the stock tried to hold for five days before falling under it late Thursday and obviously on Friday. A break of the 69.04/70.00 area will more than likely lead to a fall into the MA200 at 67.53 (but rising). GILD is a fantastic company with superb management and a great pipeline of products. But the big boards are undergoing a shift of funds from some sectors into others. So for now, GILD is a great company with a broken stock currently. GLTA
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