NEW YORK (TheStreet) -- Gilead Sciences (GILD) - Get Report has been on a roll since its early May low. While the rally is intact, a likely consolidation is on the horizon. 

By late May, Gilead had moved well ahead of its early 2015 peak. After a brief rest early in June, the stock took out its 2014 high of $116.85 on Wednesday. Shares extended the breakout Thursday and are now up just shy of 20% over a five-week period.

This powerful move has left behind layers of support. The initial layer is the last year's peak at $116.85. Just below is a more solid support zone that includes the May high of $113.50 at the lower band and last week's high of $115 at the top layer. Without a further extension of the Wednesday breakout, past the $120 level for instance, it may be difficult for Gilead to hold the 2014 high. This level will eventually be part of a major support zone, but presently it may be too early. More likely, the stock will retest the previous month's high during a short-term pullback and consolidation.

Gilead will maintain its bullish trend -- and receive needed rest -- if the $115-to-$113.50 area holds. A close back below the June low at $112.50 would be a clear warning sign that a deeper pullback will be needed before Gilead is able to re-establish its rally.

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At the time of publication, Morrow had no positions in the stocks mentioned.