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by Koos van der Merwe
A share to keep an eye on, but is it due for a correction?
Position: Buy
Koos van der Merwe
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
PRINT THIS ARTICLE
ELLIOTT WAVE
Gilead Sciences, Inc.
10/22/13 04:35:29 PMby Koos van der Merwe
A share to keep an eye on, but is it due for a correction?
Position: Buy
| Gilead Sciences Inc. is a research based biopharmaceutical company specializing in research for HIV infection. |
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| Figure 1. Monthly chart of Gilead Sciences. |
| Graphic provided by: AdvancedGET. |
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| The monthly chart in Figure 1 shows an Elliott Wave count suggesting the share price could be due for a correction. The chart suggests that the share price could be completing a Wave 3 of WAVE III after rising logarithmically from August 2010 from $15.61 to its present $68.23. The RSI indicator is at overbought levels, and although it has not given a sell signal yet, it is suggesting that a sell is on the cards sometime in the future, possibly after a WAVE V has been completed. |
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| Figure 2. Daily chart of Gilead Sciences. |
| Graphic provided by: AdvancedGET. |
| |
| The daily chart in Figure 2 shows an Elliott Wave count confirming the monthly count. The chart is suggesting that the wave count is in a wave (iii) of Wave iii of Wave V. The RSI is not in an overbought position suggesting that there is still upside. |
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| Figure 3. Daily Omnitrader chart suggesting a strong BUY at present levels. |
| Graphic provided by: Omnitrader. |
| |
| The chart in Figure 3 is the one that brought the share to my attention. The Vote line on the chart has given a buy signal based on the Red Green strategy Long 6 and Long stop. The Advisor rating is 56, a strong rating, suggesting that you should buy the stock for a short-term profit. The RSI indicator and TDI Jak indicator are suggesting a buy. The upper band of the Internal Band indicator supported the price at $46.79, and with the share price breaking above the Verve Trailing stop, a buy signal is suggesting a target of $50.05, the upper band of the external band. I would be a buyer of Gilead Sciences, but for a short-term trade. However, on any correction to the lower band of the external band, I would be a buyer for the long-term. |
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
| Address: | 3256 West 24th Ave |
| Vancouver, BC | |
| Phone # for sales: | 6042634214 |
| E-mail address: | petroosp@gmail.com |
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Comments
Date: 10/24/13Rank: 4Comment: In this article there is mentioned the TDIJak indicator. Where can I find info on this indicator
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