Illumina (ILMN) is a developer, manufacturer, and marketer of life science tools and integrated systems for large-scale analysis of genetic variation and function. The shares are down sharply from its 2021 zenith but the charts have improved in recent months. Let's pay a visit.
In this daily bar chart of ILMN, below, we can see that prices found buying interest after a long decline. Buyers have been attracted to the stock below $200 since June. Prices have rallied above the 50-day moving average line and the slope of the line has turned positive. The declining 200-day moving average line could be tested or even broken in the days ahead.
The On-Balance-Volume (OBV) line has made a long decline but shows some improvement from early October. This could be the beginning of a move from aggressive selling to aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in positive or bullish territory.
In this weekly Japanese candlestick chart of ILMN, below, we can see some improvement. Prices are just below the declining 40-week moving average line but further strength could break the line.
The weekly OBV line has improved from September. The MACD oscillator is improving but remains below the zero line.
In this daily Point and Figure chart of ILMN, below, we can see an upside price target in the $294 area.
In this weekly Point and Figure chart of ILMN, below, we can see a price target in the $362 area.
Bottom line strategy: Traders could probe the long side of ILMN on a pullback or correction to the $220 area. Risk to $202.
