Illumina Looks Bullish (Technical Analysis)

Core Viewpoint - Illumina, Inc. (NASDAQ:ILMN) shows potential for a bullish trend after a significant decline, with recent price action indicating a possible reversal [3][4] Price Action - ILMN has gained over 11% in the last two weeks, recovering from a low of $86.49 in November 2023 [3] - The stock was trading around $350 in February 2022 and reached a high of $540 in February 2021, followed by a downtrend [3] - A critical level to watch is $140; breaking above this could signal a change in trend from bearish to bullish [3][4] Moving Averages - ILMN is currently above its 30-week exponential moving average (EMA), which is considered a bullish indicator [3] - The 30-week EMA may start to rise if the price continues to move higher, indicating a potential shift in trend [3] Volume Analysis - The volume picture shows multiple black spikes, indicating institutional buying, which is a bullish sign [4] - A significant red volume bar occurred with 60 million shares traded, but the price did not decline much, further supporting a bullish outlook [4] Momentum - The Percentage Price Oscillator (PPO) indicates short-term bullish momentum, while long-term momentum remains bearish at -1.258 [4] - There is potential for long-term momentum to shift to bullish if current trends continue [4] Relative Strength - ILMN has been underperforming the SP 500 index since early 2022, but relative strength has trended higher since mid-June, indicating improved performance [4] Summary - Overall, ILMN has shown signs of recovery after a prolonged decline, with improved price action, institutional buying, and potential changes in momentum and relative strength [4]