GILD seems to be finally attempting to make a serious up move and breaking back into the $60's
we've been holding this long position for a while, and was about to declare it a loser and close on a loss (which i totally hate!!), given the many signs of weakness GILD showed (yellow arrows), even when there was reasons to show strength (Remdesivir used on POTUS, strong market days, positive earnings ...etc) - if you have been watching GILD in the past few weeks, i'm sure you can remember these events.
it was as if the market is working against GILD - every time there was some strength, sellers will just pile on it and bring the price down again! GILD went all the way down to the 2013 price levels.
What changed?
now for the first time we see some *positive momentum* coupled with bullish sentiment that has been up for 2 whole weeks (marked with yellow circle on the UTO on the daily) - then a relatively successful attempt today to break the down trend (been on since May) and break out from what seems to be a bottom formation
What's next?
for confirmation of a reversal to the upside, we need to see a close above $62, and the bulls to defend that range with commitment (price doesn't go back below $60) and drive the price up into the safe zone -- and maybe get some uptrend ?-- for me this is the last chance holding a loser - so i'm watching closely.
Let me know your views.
we've been holding this long position for a while, and was about to declare it a loser and close on a loss (which i totally hate!!), given the many signs of weakness GILD showed (yellow arrows), even when there was reasons to show strength (Remdesivir used on POTUS, strong market days, positive earnings ...etc) - if you have been watching GILD in the past few weeks, i'm sure you can remember these events.
it was as if the market is working against GILD - every time there was some strength, sellers will just pile on it and bring the price down again! GILD went all the way down to the 2013 price levels.
What changed?
now for the first time we see some *positive momentum* coupled with bullish sentiment that has been up for 2 whole weeks (marked with yellow circle on the UTO on the daily) - then a relatively successful attempt today to break the down trend (been on since May) and break out from what seems to be a bottom formation
What's next?
for confirmation of a reversal to the upside, we need to see a close above $62, and the bulls to defend that range with commitment (price doesn't go back below $60) and drive the price up into the safe zone -- and maybe get some uptrend ?-- for me this is the last chance holding a loser - so i'm watching closely.
Let me know your views.
