Illumina had a slight correction recently, and is now ready to resume the uptrend. The weekly chart is at value, after failing to break the shoulder line resistance, while the volatility and volume decreased significantly if you analyze the Force Index. This leads me to believe that this was a correction, and not a start of a more important bearish move.
The daily chart has a typical double bottom (for a correction) with a divergence on the MACD histogram; Today we see a strong candle, leading me to believe that the short term momentum has changed. It's very important to see price breaking the swing high at 190$, and I wouldn't be taking profits there, although I believe that getting long now and getting out at 190 is as sure as a trade can be.
Look for the major swing high to be tested, soft stop below this correction.
The daily chart has a typical double bottom (for a correction) with a divergence on the MACD histogram; Today we see a strong candle, leading me to believe that the short term momentum has changed. It's very important to see price breaking the swing high at 190$, and I wouldn't be taking profits there, although I believe that getting long now and getting out at 190 is as sure as a trade can be.
Look for the major swing high to be tested, soft stop below this correction.
Trade closed: target reached:
One year after the first Illumina chart published, target reached.