ILMN bulls strike back at resistence! Is 440 next?

Over the last 21 months, ILMN reached the 367 - 378 resistence zone twice. Each time it marked an all-time-high, and each time prices fell apart immediately and quite dramatically (big red arrows). In the very last weeks, it has reached this hot price zone again, only this time prices fell for just two weeks, then bulls stept up mightily to defend crucial support at 336 (green arrow), quickly bidding ILMN back to previous highs. This is a very exciting change in price action from the two previous tops! The battle is fierce, with longs hoping for an acsending triangle breakout, while short sellers are hell-bent on having prices double or triple topping (orange arrows). Thursday's action was somewhat ominous, with the strong opening being faded back below resistence, forming a daily shooting star doji. NOT what you want to jump in and buy as a long! If weakness continues, it will be very important to se if ascending triangle support around 357 holds. This triangle points to 411, from which prices could very quickly fulfill the inverted H&S' final target just shy of 440. While I believe this target will ultimately be reached, ILMN is facing heavy resistence after a 78%, 3 month run... It could potentially fail again. In my next analysis, I'll look at the long-term picture for ILMN, and try to explain why MUCH higher prices are possible over the next years (550 to 650 USD).

Full disclosure: I own ILMN stock at 1.1% of total assets. Took profits on half of my original position on April 16; I may increase exposure again by 0.5%, but only with an optimal risk\reward technical setup. Which IMO is NOT right now.

Oh, and HAPPY BIRTHDAY AMERICA!!!