ILMN surges, gaining $14.24 (4.63%) within a single day on high volume
Illumina Inc. (ILMN) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ILMN ended the week -2.38% lower at 321.69 after surging $14.24 (4.63%) today on high volume, significantly outperforming the Nasdaq 100 (2.77%). This is the biggest single-day gain in over two months.
Daily Candlestick Chart (ILMN as at Oct 12, 2018):
Friday's trading range has been $8.07 (2.55%), that's slightly above the last trading month's daily average range of $7.95. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ILMN.
One bullish candlestick pattern matches today's price action, the White Candle.
Illumina Inc managed to break above the 100-day moving average at 316.53 today. Prices are trading close to the key technical resistance level at 325.00 (R1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 346.09. The last time this happened on February 9th, ILMN gained 1.77% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Illumina Inc. Out of 39 times, ILMN closed higher 53.85% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 69.23% with an average market move of 2.47%.