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Possible Bearish Inside Day Candle Pattern Detected for Gilead Sciences (NASDAQ:GILD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gilead Sciences (NASDAQ:GILD) based on the price action in the company's shares. Yesterday's price range of $69.01 and $69.40 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Gilead Sciences may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gilead Sciences (NASDAQ:GILD) has potential upside of 24.3% based on a current price of $69.17 and analysts' consensus price target of $86.00. The stock should find initial support at its 50-day moving average (MA) of $65.59 and further support at its 200-day MA of $65.38.

Over the past year, Gilead Sciences has traded in a range of $60.89 to $71.19 and closed yesterday at $69.17, 14% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company primary areas of focus include HIV, AIDS, liver disease, and serious cardiovascular and respiratory conditions.

SmarTrend is tracking the current trend status for Gilead Sciences and will alert subscribers who have GILD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Gilead Sciences

Ticker(s): GILD