This can go either way. My overall market sentiment is bearish, which is why I am short. However, if somehow this is an extension of a new wave forming this looks like it has room to run and break upper channel.
Update soon to come.
ILMN
Pin Bar
Close Above Level
Retest of Level (Bull Engulfing Candle) (Engulfs Previous Two Candles)
Pin Bar
Inside Candle
Wick Rejection
Bull Candle (Close Price = 386.59; High Price = 386.59)
Potential Reward:Risk Ratio
Illumina had some surprisingly bullish price action earlier in the year. Now, after some consolidation, the bulls may be coming back.
The main feature on ILMN’s chart is the tight ascending triangle with a top around $457.50, which the stock is breaking today.
Next is the MACD cross on the weekly chart. This is potentially important because ILMN was...
This could be a triple bottom or an inverse head and shoulders depending on your interpretation. Seems today this broke out of both formations and had a failed attempt to get through a very nearby resistance at $431.19
I'm a buyer with a close at $432 or above but also wouldn't be surprised to see a slight pull back to the head and shoulders line of the $420...
we saw a big fakeout breakout/bull trap recently here, but RSI needed to cool down so the pullback makes sense. top trendline resistance is trying to act as support now. over 440 we can see another rally to 500+. goodluck! dont forget to like and follow <3
Here I drawn some trend lines of support and resistance; they form a bullish triangle, so I will go long on ILMN.
The target price is around the resistance line, but it can continue to reach the maximum price ever. I will close the long position if the support line will be crossed down.
