Illumina is near completing a head & shoulder bottom

Illumina

09/01/2024 16:26

** On January 4 our Illumina tech piece indicated a head & shoulder bottom was forming
    ** Today Illumina Inc.  ILMN.O  rallied on beat of preliminary Q4 revenue estimates
    ** Stock gapped up at open, rallied above its 10-DMA, hit 4-month high of $147.00
    ** Neckline of head & shoulders bottom (~$144.25) pierced ahead of the high made
    ** Daily close above the neckline would complete the head & shoulders bottom pattern
    ** Completion of the pattern suggests ILMN may rally toward $195.00/$200.00
    ** Daily relative strength index (RSI) rising, not overbought, implies upward momentum
    ** U.S. December CPI, jobless claims risks loom later this week
    ** Should risk-on emerge after the data releases, Illumina's rally could extend    
    ** ILMN last up >7.5% at $143.83

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
ilmn    https://tmsnrt.rs/4b0CwDM
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Christopher Romano is a Reuters market analyst. The views expressed are his own)
 ((christopher.romano@thomsonreuters.com))