Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Illumina ( ILMN) is a developer and manufacturer of life science tools and integrated systems for the analysis of genetic variation and function. This stock is trading up 2.4% at $49.35 in recent trading.

Today's Volume: 1.7 million

Average Volume: 1.2 million

Volume % Change: 154%

>>5 Biotech Stocks Poised for Breakouts

From a technical perspective, ILMN is bouncing higher here right off some near-term support at $48 with above-average volume. This move has started to push ILMN into breakout territory, since the stock is flirting with some near-term overhead resistance at $49.27. At last check, ILMN has hit an intraday high of $50.08 and volume is well above its three-month average action of 1.2 million shares.

Trades should now look for long-biased trades in ILMN as long as its trending above today's low of $48.20 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.2 million shares as bullish. IF ILMN can maintain that trend, and especially its trend above $49.27, then this stock has a great chance of re-testing or possibly taking out its next significant overhead resistance levels at $52.50 to $55.

If you liked this article you might like

Roku, Nucana and Other IPOs That Should Be on Your Radar in 2017

Illumina Lights the Way for Biotechs

Illumina Lights the Way for Biotechs

Trader's Daily Notebook: Anemic Trading Would Be an Improvement