Illumina, Inc.Short
Illumina Bearish Pullback to Fifty Day Moving Average
Illumina (ILMN) advanced over 400% from its’ 2013 cup and handle breakout before forming a bearish head and shoulder top in 2015.
Illumina broke down below the head and shoulder neckline, in heavy volume, in September 2015, and dropped approximately 30%, and has spent the last six months consolidating that drop, and shaking out the early bears.
Over the last seven weeks Illumina has pulled back to the fifty day moving average, in light volume, as the market attempts to rally. This is the third time the stock has attempted to rally over the fifty day moving average. Each attempt has been met with heavy volume selling back down through the fifty day moving average.
Illumina can be shorted here as it stalls at the fifty day moving for the third time and breaks below it in heavier volume.
Illumina broke down below the head and shoulder neckline, in heavy volume, in September 2015, and dropped approximately 30%, and has spent the last six months consolidating that drop, and shaking out the early bears.
Over the last seven weeks Illumina has pulled back to the fifty day moving average, in light volume, as the market attempts to rally. This is the third time the stock has attempted to rally over the fifty day moving average. Each attempt has been met with heavy volume selling back down through the fifty day moving average.
Illumina can be shorted here as it stalls at the fifty day moving for the third time and breaks below it in heavier volume.
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