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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
mstone@fnno.com