Shares of Gilead Sciences Inc. (GILD) are soaring Friday morning on a report of preliminary results from a study in Chicago evaluating the company's remdesivir drug in severely ill Covid-19 patients. Many of these patients saw rapid recoveries in fever and respiratory symptoms and almost all patients were discharged in less than a week. Pretty impressive and very encouraging.
We last covered GILD on April 7 where we wrote, "Part of the art of technical analysis is using the right kind of chart and indicators at that particular point in time. Sometimes a candlestick chart is better than a bar chart at turning points and sometimes momentum is a better tool at tops and bottoms than the MACD oscillator. Experience. GILD is in an uptrend and traders and investors could use available weakness to go long. Risk a close below $69."
In the updated daily bar chart of GILD, below, we can see that prices have kept up their frantic up-and-down trading pattern. Prices have still made higher lows over the past week and have stayed above the rising 50-day moving average line. The 200-day moving average line still has a positive slope but I would not have expected otherwise.
The On-Balance-Volume (OBV) line and the Moving Average Convergence Divergence (MACD) oscillator have continued their short-term jiggles.