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

By Shiri Gupta

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 $271.04 and $280.78 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.

Illumina Inc (NASDAQ:ILMN) defies analysts with a current price ($274.70) 4.2% above its average consensus price target of $263.06. Illumina Inc shares should first meet resistance at the 200-day moving average (MA) of $311.21 and find additional resistance at the 50-day MA of $313.65.

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.

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 $274.70, 4% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 0.86% lower over the past week, respectively.

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: bullish am inside day candle illumina inc

Ticker(s): ILMN