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

By James Quinn

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 $80.77 and $81.65 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, 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.

In the past 52 weeks, Gilead Sciences share prices have been bracketed by a low of $63.76 and a high of $88.85 and closed yesterday at $81.17, 27% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has remained constant.

Gilead Sciences has overhead space with shares priced $81.17, or 5.8% below the average consensus analyst price target of $86.17. The stock should find initial resistance at its 50-day moving average (MA) of $92.98 and further resistance at its 200-day MA of $100.22.

SmarTrend recommended that subscribers consider buying shares of Gilead Sciences on December 13th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.71. Since that recommendation, shares of Gilead Sciences have risen 6.6%. We continue to monitor GILD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Gilead Sciences

Ticker(s): GILD