Let's take a look at the chart of Illumina (ILMN) , which develops, manufactures, and markets life science tools.
In this updated daily bar chart of ILMN, below, we can see that prices made a low in late September. Prices rallied to a spike high in February and then corrected down into late March. A retest of the March low developed in May and now ILMN is breaking out over the highs of April and March. ILMN is trading above the rising 50-day moving average line and above the rising 200-day line. The On-Balance-Volume (OBV) line has been strengthening since early May and helps to support and confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator just crossed above the zero-line for an outright-buy signal.
In this weekly Japanese candlestick chart of ILMN, below, we can see two lower shadows in early May as prices tested the rising 40-week moving average line. The weekly OBV line is turning north again from early May. The MACD oscillator has narrowed and is close to an upside crossover and new buy signal.
In this daily Point and Figure chart of ILMN, below, we can see an upside price target of $513.
In this weekly Point and Figure chart of ILMN, below, we can see a $577 price target.
Bottom line strategy: Traders could go long ILMN on a shallow dip towards $420 if available. Risk to $390. The $513 and the $577 area are our price targets.
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The party is over for CCL for now, and we have the damp charts to prove it.
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