Life Science Giant Creeps Higher
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Illumina, Inc. engages in the development, manufacturing, and marketing of life science tools and integrated systems for large-scale analysis of genetic variation and function. It operates through the Core Illumina segment, which serves customers in the research, clinical and applied markets fields, and enables the adoption of a variety of genomic solutions.
Take a look at the 1-year chart of Illumina (ILMN) below with my added notations:
Chart of ILMN provided by TradingView
ILMN has been in a slight trend higher over the past several months, while also forming an up channel (blue). As long as the stock holds channel support, higher prices should be coming.
The Tale of the Tape: ILMN is trending in a channel. A long trade could be entered now or on a pullback to channel support, which is currently approaching $190, with a protective stop placed under the level of entry.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key…
Good luck!
Christian Tharp, CMT
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