Illumina Is Breaking Out
Illumina had some surprisingly bullish price action earlier in the year. Now, after some consolidation, the bulls may be coming back.
The main feature on ILMN’s chart is the tight ascending triangle with a top around $457.50, which the stock is breaking today.
Next is the MACD cross on the weekly chart. This is potentially important because ILMN was dramatically overbought in February. Momentum slowed as it pulled back and stabilized, and now this cross suggests the shorter-term action is turning bullish again:
Another pattern on the weekly chart is the bounce around $400. This level was near the 2020 high, which means old resistance has become new support.
There’s also been a shift in favor of health care, which is the second-best performing sector in the last two weeks. Biotechnology stocks like ILMN, in particular, got a boost after the FDA approved Biogen’s Alzheimer’s drug on June 7.
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The main feature on ILMN’s chart is the tight ascending triangle with a top around $457.50, which the stock is breaking today.
Next is the MACD cross on the weekly chart. This is potentially important because ILMN was dramatically overbought in February. Momentum slowed as it pulled back and stabilized, and now this cross suggests the shorter-term action is turning bullish again:
Another pattern on the weekly chart is the bounce around $400. This level was near the 2020 high, which means old resistance has become new support.
There’s also been a shift in favor of health care, which is the second-best performing sector in the last two weeks. Biotechnology stocks like ILMN, in particular, got a boost after the FDA approved Biogen’s Alzheimer’s drug on June 7.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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