Nov. 13 at 1:40 AM
$ILMN: The stock closed at
$123.31, indicating a strong position above the 30-day moving average (MA30) of
$103.96 and the 50-day moving average (MA50) of
$101.45. The RSI at 74.56 suggests that the stock is overbought, indicating potential for a pullback. The recent 60-day high of
$126.00 presents a resistance level, while the low of
$88.00 indicates a significant support range.
Directional bias is bearish in the short term due to the high RSI and proximity to the 60D high, which may lead to profit-taking.
Suggested entry:
$121.50 (on a pullback).
Stop:
$118.00 (below recent support).
Targets:
$126.00 (first target at the 60D high) and
$130.00 (second target if momentum resumes).
Monitor for changes in momentum and adjust the plan accordingly.
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