Is GILEAD SCIENCES INC Ready to Break Out of Its Range?

Our stock screener has detected a potential breakout setup on GILEAD SCIENCES INC (NASDAQ:GILD). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:GILD.

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, GILD scores 7 out of 10 in our technical rating. Although GILD is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• GILD is one of the better performing stocks in the Biotechnology industry, it outperforms 76% of 568 stocks in the same industry.
• GILD is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so GILD is lagging the market slightly.
• In the last month GILD has a been trading in the 87.77 - 94.65 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Looking at the yearly performance, GILD did better than 75% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.

Check the latest full technical report of GILD for a complete technical analysis.

How does the Setup look for NASDAQ:GILD

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:GILD is 8:

GILD has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 88.63, a Stop Loss order could be placed below this zone.

Trading setups like NASDAQ:GILD

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.