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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Illumina (NASDAQ:ILMN) based on the price action in the company's shares. Today's price range of $183.00 and $184.47 is within yesterday'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 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 have traded between a low of $25.57 and a high of $242.37 and are now at $183.11, which is 616% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 1.2%.

Based on a current price of $183.11, Illumina is currently 14.1% above its average consensus analyst price target of $157.21. The stock should discover initial support at its 200-day moving average (MA) of $170.95 and subsequent support at its 50-day MA of $154.30.

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.

SmarTrend recommended that subscribers consider buying shares of Illumina on January 6th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $139.64. Since that recommendation, shares of Illumina have risen 32.2%. We continue to monitor ILMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle illumina

Ticker(s): ILMN