Illumina (ILMN) provides "sequencing and array-based solutions for genetic and genomic analysis." Shares of ILMN are under heavy selling pressure Tuesday as traders and investors voted with their feet on the company's disappointing 2023 guidance. Let's see how the charts look.
In this daily bar chart of ILMN, below, I can see that prices suffered a big decline in early 2022 followed by a sideways trend from June. ILMN made a recovery rally into August but the On-Balance-Volume (OBV) line declined throughout the advance telling me that sellers were more aggressive than buyers and the rally was likely to fail.
On Tuesday prices made a new low for the recent move down and the OBV line is close to making a new low too. Prices were off their worst levels of the day but the bears are still in control. The Moving Average Convergence Divergence (MACD) oscillator is bearish.