ILMN Long PositionHi traders,
Taking a closer look at Illumina, Inc. (ILMN), we can observe the formation of a falling wedge pattern over the past few weeks, indicating a potential bullish reversal.
Illumina, a leading developer of life science tools and integrated systems for large-scale analysis of genetic variation and function, has faced some market challenges recently.
However, the company's strong market position and innovative capabilities suggest significant underlying strength.
The falling wedge pattern is characterized by converging trendlines, where both the highs and the lows are declining, but the highs are falling faster than the lows, forming a wedge shape that slopes downwards. This pattern often indicates a potential reversal from a
downtrend to an uptrend.
As ILMN approaches the apex of the falling wedge, a breakout above the upper trendline could confirm the bullish reversal. Entering a long position upon confirmation of the breakout appears favorable.
1st Take Profit: 195.21
2nd Take Profit: 366.5
Final Target: 523.98