ILMN - Inverse H&S breakup, can it be trusted?

NASDAQ:ILMN   Illumina, Inc.
An inverse H&S that formed over the last 5 months cummulating in a breakup yesterday.

The marked increase in volume in the past week is encouraing and while the low of 173 on 17July (69% fall form it's peak) is likely to be "the low", it is probaby prudent to only buy small amounts now (in view of overall market volatility) and to add if we we a dip back towards the neckline (but not back below).

We would have more conviction that an uptrend is underway if and when price could at least clear the horizontal resistence @ 259. There is nothing wrong should one prefer to wait till it can clear this level before establishing a trade as sometimes it's better to be later but surer.

Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!

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.