The Greedy Trader Weekly Analysis
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Weekly RSI Divergence:Bearish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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Illumina Inc (ILMN) Technical Analysis

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Summary:
Weekly :Broken trend support line
Daily :Lane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldMACD bullish divergenceThe price touches the lower Bollinger Band
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It was the negative week for the Illumina Inc (ILMN). During the week, the ILMN dropped -7.70 points, or -5.69%, and closed at 127.73 on Friday, March 15, 2024. ILMN was trading at average weekly trading volume.

Long-term trend: [See ILMN long-term trend chart]
A long-term downtrend had started on February 12, 2021 at 555.77 and reached 89.01 on November 10, 2023. ILMN lost 466.76 points, or 83.98%, in 143 weeks. The price is now at the 8.30% retracement level.

Medium-term trend: [See ILMN medium-term trend chart]
A medium-term uptrend had started on November 10, 2023 at 89.01 and reached 148.19 on January 31, 2024. ILMN gained -59.18 points, or -66.49%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (170.09) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. ILMN may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See ILMN weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 8, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ILMN short-term trend chart]
A short-term downtrend had started on February 29, 2024 at 146.08 and reached 126.20 on March 14, 2024. ILMN lost 19.88 points, or 13.61%, in 14 days. The price is now at the 7.70% retracement level.

Daily Technical Indicators: [See ILMN daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since February 1, 2024. This is an indication that the short-term trend is down.

The price touches the lower Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.87
Williams' Percentage Range (W%R) 93.80
Strong Oversold
Lane's Stochastic (%D-Slow) 15.99
Oversold
Greed/Fear Indicator (GFI) 18.68
Oversold
Moving Average Converg./Diverg. (MACD) -1.09 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.60
Williams' Percentage Range (W%R) 35.00
Lane's Stochastic (%D-Slow) 49.16
Greed/Fear Indicator (GFI) 54.59
Moving Average Converg./Diverg. (MACD) -7.98
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 150.65
Upper Bollinger Band 143.60
50 Day Moving Average 138.44
20 Day Moving Average 136.29
Weekly Stochastic Crossing 135.52
Parabolic System 135.39
Price 127.73
Lower Bollinger Band 127.58
Daily Stochastic Crossing 127.43
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Biotechnology 15
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 146.08
High Date 02/29/2024
Low 126.20
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 147.25
High Date 02/16/2024
Low 126.20
Low Date 03/14/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 148.19
High Date 01/31/2024
Low 126.20
Low Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 150.65
Support 170.09
Low 89.01
Low Date 11/10/2023
High 148.19
High Date 01/31/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 555.77
High Date 02/12/2021
Low 89.01
Low Date 11/10/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.