BioPharma and BioTech, FTW!
- Posted by Greg Harmon
- on March 26th, 2013
Two stocks that are ready to take off are active in the fields of BioPharma and BioTech, and just missed being on the Top Trades list for the week, Illumina, $ILMN, and Gilead Sciences, $GILD. Take a look.
Gilead Sciences, $GILD
Gilead Sciences, $GILD, has been a steady rising trend for over a year. Each pullback has found support at the 100 day Simple moving Average (SMA) and if you were waiting for that to happen again it looks like you will not get it. The 50 day SMA turned it back higher this time. A shallower dip. Now back at resistance at 46.50, a move higher through it is the entry. The Relative Strength Index (RSI) is bullish and turning back higher and the Moving Average Convergence Divergence indicator (MACD) is leveling on the signal line after a pullback while the histogram is improving.
Illumina, $ILMN, has been consolidating in a sideways channel with a top at 54. A failed breakout in December turned into an Island Reversal, otherwise it has been sideways. This latest move to resistance comes after a pullback to the cross of the 50, 100 and 200 SMA and with the RSI running higher and the MACD starting to movie up after a stay at flat. The Measured Move on the break of 54 and continuation higher takes it to 57.50.
Its Time For a Sale!
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Dragonfly Capital Views Performance Through March 2013 Expiry
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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