Major Wave Higher? Or down we go 🎩We maybe have finished movement inside this monthly downward channel, which looks like a corrective channel for previous bullish impulse. Chances are we will go north from here. But if price will brake this channel downwards it may as well become ugly, and there is no support levels, I guess?
Anyway, now GILD highly tightened to SNP and thus electional uncertainty.
GIS trade ideas
GILD short term Earnings PlayWe’ve seen this before on Gilead pre-pandemic;
It traded sideways above this zone for a little over a year on descending YOY earnings since 2016. Following the gap down 19 AUG, we’re now seeing a bullish MACD divergence plus an ascending RSI on the daily to signal a break of the recent down trend. With more positive news surrounding their COVID-19 treatment drug, Remdesivir, would love to see a short term build up before ER to the 67-70 zone.
ER date has not been announced but is estimated to be on 10/22.
GILD Neutral, Sell put below sidewaysBreakaway Gap. Down trendline break
Sideways 62 - 67
Stock trade:
Entry 64
Stop 61.5
Target 72; reward:risk=3:1
Option trade: Sell put below the support price
Close this position before 10/22/2020 Earning.
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
Long Gild - Covid Drug ($MRNA $GSK $INO $SPY $PFE $JNJ $MRK)see full chart at www.tradingview.com
Gild
Entry $62 area
Target 1 $67
Target 2 $71
stoploss $59
Why this play?
Trump used Gild's drug as part of his treatment, if he pulls thru with a full recovery. they will probably start pumping the news about this company and it'll finally have enough momentum to move back to the upside.
What is Gild?
Gilead Sciences, Inc., is an American biopharmaceutical company headquartered in Foster City, California that researches, develops and commercializes drugs. The company focuses primarily on antiviral drugs used in the treatment of HIV, hepatitis B, hepatitis C, and influenza, including Harvoni and Sovaldi.
Notable price upgrades
Sep-30-20 Resumed Jefferies Buy $78
Sep-15-20 Upgrade Maxim Group Hold → Buy $88
GILD Watch for Breakout here! TRUMP PUMP! Gild on high watch with Trump receiving REMDISIVIR treatment and Trump reporting he is feeling better and expected to be discharged and return soon. Which means we could see green market this week. GILD is at my support zone and we have a gap up to fill at $69 If we can hold above $61.62 we could see a move back up to fill that gap. Good opportunity to long here!