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Illumina Bearish Moving Average Crossover Alert (ILMN)

Published on Mon, 02/04/2013 - 12:13
By Mallory Stone

Today, shares of Illumina (NASDAQ:ILMN) have crossed bearishly below their 10-day moving average of $50.98 on a volume of 460K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Illumina share prices have been bracketed by a low of $25.57 and a high of $79.40 and are now at $50.63, 98% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

Illumina has overhead space with shares priced $50.63, or 7.7% below the average consensus analyst price target of $54.88. The stock should hit resistance at its 50-day moving average (MA) of $52.53, as well as support at its 200-day MA of $46.32.

Illumina, Inc. develops, manufactures and markets integrated systems for the large scale analysis of genetic variation and biological function. The Company provides a comprehensive line of products and services that currently serve the sequencing, genotyping and gene expression markets for genomic research centers, pharmaceutical companies, academic institutions and biotechnology companies.

By Mallory Stone