The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 5/17/2024 -
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Illumina Inc (ILMN) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are oversold
Daily :Stochastic signal line moved above oversold area
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It was a first positive week for the Illumina Inc (ILMN). During the week, the ILMN climbed 0.54 points, or 0.49%, and closed at 111.07 on Friday, May 17, 2024. Weekly volume was -26% below average.

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. Price is near the trend low.

Medium-term trend: [See ILMN medium-term trend chart]
A medium-term downtrend had started on January 31, 2024 at 148.19 and reached 108.54 on May 8, 2024. ILMN lost 39.65 points, or 26.76%, in 14 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 105.68 and resistance is at 125.39. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ILMN weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. 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 weekly MACD line is below its signal line since April 26, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. 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 May 14, 2024 at 119.68 and reached 110.65 on May 17, 2024. ILMN lost 9.03 points, or 7.55%, in 3 days. Price is near the trend low.

Daily Technical Indicators: [See ILMN daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.

The daily MACD line is below its signal line since May 16, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 27.67
Williams' Percentage Range (W%R) 72.40
Lane's Stochastic (%D-Slow) 33.64
Greed/Fear Indicator (GFI) 29.63
Moving Average Converg./Diverg. (MACD) -3.67
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.85
Williams' Percentage Range (W%R) 86.60
Oversold
Lane's Stochastic (%D-Slow) 13.81
Oversold
Greed/Fear Indicator (GFI) 22.75
Moving Average Converg./Diverg. (MACD) -5.93
Trading Signals
Description Value Chart
Upper Bollinger Band 127.75
Quarterly Trendline Resistance 125.39
50 Day Moving Average 125.12
20 Day Moving Average 117.92
Parabolic System 117.73
Weekly Stochastic Crossing 113.72
Daily Stochastic Crossing 112.61
Price 111.07
Lower Bollinger Band 107.08
Quarterly Trendline Support 105.68
Sector and Industry
Description Name Rank
Sector Health Care 3
Industry Biotechnology 38
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 119.68
High Date 05/14/2024
Low 110.65
Low Date 05/17/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 119.68
High Date 05/14/2024
Low 110.65
Low Date 05/17/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 108.54
Low Date 05/08/2024
High 119.68
High Date 05/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 125.39
Support 105.68
High 148.19
High Date 01/31/2024
Low 108.54
Low Date 05/08/2024
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.