ILMN Looking Ripe For A Bounce

Illumina, Inc. ([stock_quote symbol=”ILMN”]), like other stocks in the biotechnology industry, has taken a beating since its peak in July 2015, but it may be ready for a serious turnaround. The Commodity Channel Index (20 period) for ILMN on the weekly chart has curled up above -100, departing from oversold territory. This also corresponded to a bounce off the lower boundary of a long-term rising channel. This looks like a low-risk/high return entry point to take a position, or to begin accumulating shares if you don’t useĀ an all-in/all-out strategy.

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