50% retracement + Lots of indesicion
Maybe a couple nice earnings can make this re-tracement a bottom. If not I think it trades lower to 63.50 and hopefully washes out all the sellers. But every trader and their mom are looking for a bottom in this stock, so false bottoms and false break outs are going to kill any traders not looking at this as an investment opportunity.
I think institutional investors have been scaling out for profits since 2014.I also think they are patiently waiting for a catalyst to scale back in...so that is what I am going to do.
Another interesting thing on this chart is the RSI. Back in 08' the RSI was trading at near the same level when the graph formed a double bottom and then created the GILD we know today.
It is possible that history repeats itself and we get the same pattern again? if so then that means 2015-2016 may have washed out all the sellers, 2017 is were smart traders will slowly get their feet wet by scaling in, and 2018 is when the public will decide to participate.
Of course tho, this is just 1 of 20,000 theories...
I think institutional investors have been scaling out for profits since 2014.I also think they are patiently waiting for a catalyst to scale back in...so that is what I am going to do.
Another interesting thing on this chart is the RSI. Back in 08' the RSI was trading at near the same level when the graph formed a double bottom and then created the GILD we know today.
It is possible that history repeats itself and we get the same pattern again? if so then that means 2015-2016 may have washed out all the sellers, 2017 is were smart traders will slowly get their feet wet by scaling in, and 2018 is when the public will decide to participate.
Of course tho, this is just 1 of 20,000 theories...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.