Joel Elconin is the co-host of Benzinga’s #PreMarket Prep, a daily trading idea radio show.
Gilead Sciences, Inc. (NASDAQ: GILD) shares were trading lower by $0.60 at $99.84 in Wednesday’s session. With no relevant news out on the issue, here is a look at the technicals for a possible explanation for its weakness.
Over the past six trading sessions, it has been range bound between $98.70 and $101.75, reaching the upper end of that range in both Monday’s and Tuesday’s session. However, it backed off the highs to end Tuesday’s session at $100.44.
After a flat open in Wednesday’s session, it was unable to clear the close, only reaching $100.32 before reversing course. The ensuing decline only breached the lower end of the trading range by $0.16, reaching $98.54, then rebounded to the mid $99.00 handle at time of writing; As a result, prolonging the trading range for yet another day.
Editor’s note: Shares were spiking up sharply mid-Wednesday afternoon, recently trading around the $99.93 area.
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