CapitalistBull
Short

Illumina Bearish Pullback to Fifty Day Moving Average

NASDAQ:ILMN   ILLUMINA INC
13 0 1
Illumina             ( ILMN             ) advanced             over 400% from its’ 2013 cup and handle breakout before forming a bearish head and shoulder top in 2015.

Illumina             broke down below the head and shoulder neckline, in heavy volume , in September 2015, and dropped approximately 30%, and has spent the last six months consolidating that drop, and shaking out the early bears.

Over the last seven weeks Illumina             has pulled back to the fifty day moving average, in light volume , as the market attempts to rally. This is the third time the stock has attempted to rally over the fifty day moving average. Each attempt has been met with heavy volume selling back down through the fifty day moving average.

Illumina             can be shorted here as it stalls at the fifty day moving for the third time and breaks below it in heavier volume .
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