december-trader
Long

LONG WITH THE PIERCING SIGNAL FROM SUPPORT LINE

NASDAQ:ILMN   ILLUMINA INC
58 views
3
58 2
ENTER 123.84
STOP 119.88
TAKE PROFIT 164.09
TAKE PROFIT 163.19
Reply
I agree there is long term potential here. However I personally believe the stock is trading in negative channel and will go lower.
When drawing a fibonacci from the all time high ($239) to all time low ($26.5) you see the price has already crossed (50%) in $132-ish. This could potentially be resistance level!
I think it will fall to $107 (fibonacci:38.2%) first.
Should it break below this level it can go as low as $76 (fibonacci: 23.6%).
This level happens to be the lower part of the negative trading channel.
From here on it has a potential for a bullish rebounce.
Thought for the mind here...
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