Since our last , Revelation Trading feels that GSK is one stock to look out for. Though it has caused a slight dent, the failure of Congress to repeal and replace Obamacare has not caused the pharmaceutical stocks on our radar to tumble. In fact, they have held their well defined ranges. That to us, is strength. outlook on the pharmaceutical sector
Also, with reference to our TradingView post on 24th June, the NBI has also been maintaining its upward momentum. Thus, Revelation Trading concludes that apart from the media sensationalising the failure to replace Obamacare, there is no change to our analysis on the sector.
With regards to GSK , we are looking for actionable ideas above 43 with an initial stop loss established at 40, targeting 45.50 and above.
Pfizer, like GSK is reporting on 1st August for their earnings. Another exciting stock caught in a range. Since this stock has yet to trend but is still caught in the consolidation phase, actionable regions are maintained at those price balloons on the chart. The argument for bullish price action is the same as GSK.
Lastly, with regard to Abbott Labs, we are looking for further upside with the invalidation of the double top at 51.73 to confirm Revelation Trading’s bullish bias. Near term support is at 46.33.
“Second-quarter of 2017 adjusted earnings from continuing operations is 62 cents per share, 3.3% higher than the Zacks Consensus Estimate and up 12.7% year over year. This adjusted quarterly number also remained ahead of the company’s guidance range of 59 cents to 61 cents…”
Credits to Nasdaq. Read more about it here.
Make sure to follow Revelation Trading on Trading View to get updates on these pharmaceutical stocks, alongside other FX tips. Happy weekend!
The Revelation Trading Team