ILMN closes higher for the 2nd day in a row
Illumina Inc. (ILMN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ILMN ended the month 2.01% higher at 370.35 after gaining $8.04 (2.22%) today, slightly outperforming the Nasdaq 100 (1.96%). Today's close at 370.35 marks the highest recorded closing price since May 28th. Closing above Monday's high at 363.68, the market confirmed its breakout through the previous session high after trading up to $8.94 above it intraday.
Daily Candlestick Chart (ILMN as at Jun 30, 2020):
Tuesday's trading range has been $14.44 (3.99%), that's above the last trading month's daily average range of $11.28. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ILMN.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Illumina found buyers again today around 358.18 for the third trading day in a row after having found demand at 356.86 in the prior session and at 357.26 two days ago. The last time this happened on June 2nd, ILMN actually lost -2.11% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 377.80, upside momentum could speed up should the share be able to break out to new highs for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Illumina. Out of 141 times, ILMN closed higher 53.19% 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 63.12% with an average market move of 2.27%.