IamJeanPaul

Gilead Sciences offering a beautiful long setup

Long
NASDAQ:GILD   GILEAD SCIENCES INC
Traders, i wanted to share this setup with you that i am trading.
I have had this stock for a while on my watchlist, and was waiting for a correction to buy the dip.
I like to buy low (cheap) in strong stocks showing upside potential.
I particularly was watching the 72$ level (200DMA, 61% fibo this is a big level. The bulls seem to have made a bottom now on this level, and finished the week with a bullish engulfing pattern, engulfing the previous 3 days.
For me this is a sign of higher prices coming in the coming days and maybe weeks.
I am targeting 80$ but keep also an eye on the 76.50$ level. If you like to wait for a small dip into 73.00$ you would get an astonishing R:R of 8:1.
Placing my stop below the the engulfing bar and will manage the trade accordingly.

Hope you like this setup :)
Thanks for reading, and blessings to you all.

Comments

Nice chart , thanks
Reply
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