vlad.adrian
Long

ILLUMINA - Long from neckline

NASDAQ:ILMN   ILLUMINA INC
50 0 4
A massive H&S pattern on the weekly chart, with a double bottom and double divergence right at the neckline. As of this week, the impulse is blue.

On the daily chart , the double bottom is more obvious. The right time to enter was right after earnings , where Illumina             recovered all the overnight losses and closed up for the day. Still, the RRR             is acceptable even today.

I would trade this stock as follows: Go long with a stop below the earnings day, with a target for at least half the position just below the 78.6 retracement. The remaining position should be kept in case this proves to be a failed H&S pattern.
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