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

By Amy Schwartz

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 $309.40 and $314.67 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.

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) defies analysts with a current price ($312.85) 15.9% above its average consensus price target of $263.06. The stock should find initial support at its 200-day moving average (MA) of $309.81 and further support at its 50-day MA of $302.46.

In the past 52 weeks, shares of Illumina Inc have traded between a low of $263.30 and a high of $380.76 and closed yesterday at $312.85, which is 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.2%.

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