ILMN - Wyckoff Accumulation
Just thought I would share that ILMN appears to align with Wyckoff Accumulation patterns as it began to form a complex base from June last year.
The 200 day moving average is now begining to flatten out with the stock making a few attempts to rise above it since this year.
For those with patience, any dips in the coming days will be an opportunity to accumulate. However momentum traders will prefer to see a break above it's horizontal resistence @ 249 to initiate Longs.
You can read more about Wyckoff pattern here.
school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
The 200 day moving average is now begining to flatten out with the stock making a few attempts to rise above it since this year.
For those with patience, any dips in the coming days will be an opportunity to accumulate. However momentum traders will prefer to see a break above it's horizontal resistence @ 249 to initiate Longs.
You can read more about Wyckoff pattern here.
school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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