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Possible Bearish Inside Day Candle Pattern Detected for Illumina Inc (NASDAQ:ILMN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Illumina Inc (NASDAQ:ILMN) based on the price action in the company's shares. Yesterday's price range of $305.89 and $311.96 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Illumina Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Illumina Inc have traded between a low of $207.51 and a high of $372.61 and closed yesterday at $308.90, which is 49% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Illumina, Inc. develops, manufactures and markets integrated systems for the large scale analysis of genetic variation and biological function. The Company provides a comprehensive line of products and services that currently serve the sequencing, genotyping and gene expression markets for genomic research centers, pharmaceutical companies, academic institutions and biotechnology companies.

Illumina Inc (NASDAQ:ILMN) is currently priced 14.8% above its average consensus analyst price target of $263.06. Illumina Inc shares should first meet resistance at the 50-day moving average (MA) of $315.07 and find additional resistance at the 200-day MA of $317.60.

SmarTrend is tracking the current trend status for Illumina Inc and will alert subscribers who have ILMN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle illumina inc

Ticker(s): ILMN