vlad.adrian

Illumina - Weekly chart setting up for a downtrend

Short
NASDAQ:ILMN   Illumina, Inc.
2
I saw a few of weeks ago a chart of this stock posted by another user, and it looked very bearish. The correction was pretty light, when you have such a divergence on a double top heavy corrections follow. I believe that shorting this stock is the way to go. The double top is still there, the divergence on the MACD and FI is still there. The pattern on the Weis Wave is bearish. Right now I believe we are rallying on little demand, and entering is tricky. If I could, I would buy a put option, cause I'm not sure with the timing. I believe lower prices are coming during the following months.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.