Now shares are testing that $7.75 resistance level in today's session. A breakout above that price level signals this stock as a buy. When it happens, keep a tight stop in place.
Nearest Resistance: $11
Nearest Support: $9.50
Catalyst: T-Mobile Merger Drama
Nearest Support: $44
Catalyst: Patent Win Biopharmaceutical firm Gilead Sciences (GILD) is seeing continuation in trading today after a patent win against Idenix Pharmaceuticals (IDIX) gave the firm the upper hand in the early stages of a fight over a hepatitis C drug. The news has sent shares of GILD pushing through to new highs this week, a bullish condition in and of itself. >>5 Stocks Ready to Break Out Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains - as a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses. Investors who aren't too risk-averse may want to consider buying here. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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