Gilead Sciences Stuck In Trading Range

Gilead Sciences

shares are trading lower by $0.60 at $99.84 in Wednesday's session. With no relevant news out on the issue, lets examine the technical s 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 today'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 this time. As a result, prolonging the trading range for yet another day.