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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Illumina Inc (NASDAQ:ILMN) based on the price action in the company's shares. Yesterday's price range of $319.05 and $321.02 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. Traders and investors interested in shares of Illumina Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Illumina Inc share prices have been bracketed by a low of $263.30 and a high of $380.76 and closed yesterday at $320.39, 22% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 0.52% higher over the past week, respectively.

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 17.9% above its average consensus analyst price target of $263.06. The stock should find initial support at its 50-day moving average (MA) of $318.24 and further support at its 200-day MA of $313.64.

SmarTrend recommended that subscribers consider buying shares of Illumina Inc on September 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $303.97. Since that recommendation, shares of Illumina Inc have risen 4.3%. We continue to monitor ILMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle illumina inc

Ticker(s): ILMN