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Gilead Science (GILD) : Abnormal behaviour on an up day

Previously, I have warn that GILD exhibits a bearish Tenkan sen – Kijun sen cross.

Yesterday, GILD exhibit an abnormal behaviour (and a more worrying bearish trend).

While the major indices rose more than 3%, GILD actually got sold down.

From the chart, you can see that throughout May, there has been more selling than buying. Only exception is when the ‘swine flu’ news or ‘H1N1’ news break out.

Points to note:

1. It break another support level at 43.69 on a day where the indices are up

2. The volume is above average which suggest that there is a fair amount of selling and not an issue of just profit taking.

3. More down days than up days in May.

4. Look at the ‘kumo’ or ‘cloud’ beyond the current date. We can clearly see that it has start trending down.

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