A Potential Entry Point For Gilead Sciences (GILD)

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Gilead Sciences went down in the last couple of year by almost 50%, and compressed into a 3-year old demand zone . As you can see on the weekly chart, the price has compressed nicely into this zone in the last few weeks. 2 weeks ago there was a very strong price action from the bottom of the zone, in the form of a big engulfing bullish candle. A similar candle can be seen on the monthly chart (the monthly candle of June).
Last week closed with hesitation, and now it's time to wait and see whether the price will retrace a bit down to give a better entry point for new buyers. I drew a line on the weekly chart, but it's basically based on the daily chart , where you can see a trendline , which starts as support, then turns to resistance, and now that it's been breached up, it could serve as support again, should the price come back down and test it.
This is the area of entry - roughly around $66-67, with a stop below the demand zone (around $60) and a potential profit somewhere around $82-85. So a risk of ~10% can potentially yield a reward of ~22-27%.
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