Illumina Switches On

Let's look at a buy setup in Illumina (ILMN). First off, I like that the stock price is currently above the 200- and 50-day simple moving averages. I also like that we're seeing what looks like a symmetrical pullback. As long as the current decline terminates somewhere above the Sept. 3 low, I will look for buy triggers.  

Now, there are two solid price-cluster decisions that show up above this low -- $78.93 to $79.71 and $77.41 to $78.38. For those who want to be a bit more aggressive, there is one more level above those zones, around $80.68. The price-cluster zones are mostly defined by taking many of the prior declines within the recent rally, and projecting 100% of those from the Sept. 16 high. These symmetry projections also overlapped some key Fibonacci price retracements....267 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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