Illumina techs lean bullish despite TD Cowen's rating cut

Illumina

04/01/2024 17:10

** Illumina  ILMN.O  fell to $128.13 as TD Cowen cut to 'market perform' from 'outperform'
    ** ILMN hit an 11-session low, but then turned positive on the session, $131.88 traded
    ** Despite TD Cowen's cut, stock's technicals leaning bullish
    ** Daily relative strength index (RSI) diverged on Thurs low
    ** Price drop stalled just short of structural support in $126.00/$126.50 area
    ** Daily charts show right shoulder of an inverse head & shoulder pattern forming
    ** Rally above 10-DMA and December's high would complete head & shoulders bottom
    ** Completion of that pattern suggests Illumina stock may rally toward $185/$190
         
    
    ** ILMN last up 0.1% at $130.47
    
    

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 (Christopher Romano is a Reuters market analyst. The views expressed are his own)
 ((christopher.romano@thomsonreuters.com))