Illumina

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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.

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