$GILD Rallying Off Q1 Beat: A Technical Look

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Gilead Sciences Rallying Off Q1 Beat: A Technical Look

Gilead Sciences, Inc. (NASDAQ: GILD) shares were trading higher by $3.81 at $104.32 in Friday’s session. The catalyst for the rally is a Q1 beat for EPS ($2.94 vs. $2.32 estimates) and revenue ($7.59 billion vs. $6.92 billion estimates).

In addition, the company boosted guidance for the remainder of the year. The company now expects net product sales of $28 billion to $29 billion, versus its prior forecast of $26 billion to $27 billion.

Related Link: Morgan Stanley On What ‘Should Be Rewarded’ At Gilead

After a higher open ($103.20 vs. Thursday’s close of $100.51), it retreated to $102.50 before resuming its rally. So far, it has breached the pair just below the $104 level, reaching $104.27. If the rally continues, there may be additional resistance at Monday’s high ($104.53) and additional resistance at the series of highs at the $105.50 level from late April.

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