Bearish DailyPlay for Wednesday Nov 30th, 2016 – Illumina (ILMN)
The bearish DailyPlay we chose for Wednesday Nov 30th is Illumina (ILMN). ILMN is part of the Healthcare Sector (XLV). Over the last month, XLV has experienced a 2.40% move higher but its 1m and 6m trends turned bearish on 11/22 while breaking below its $70 support level.
Illumina’s 1m and 6m trends turned bearish on 10/11 while breaking below its $150 support level on high volume. With a technical score of 2 (out of 10), ILMN looks positioned to continue this strong bearish trend lower.
As a stop loss, if ILMN was to trade above $150 for multiple days, this would invalidate our analysis and suggest getting out of the trade.