Illumina, Inc. (NASDAQ: ILMN)

Illumina, Inc. provides sequencing and array-based solutions for genetic analysis in North America, Europe, Latin America, the Asia-Pacific, the Middle East, and South Africa. The company’s products include sequencing platforms that are based on its SBS technology, which provides researchers with various ranges of applications and the ability to sequence mammalian genomes; and array platforms consist of HiScan and iScan systems, as well as NextSeq 550 system that are array scanners for DNA and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis.
Take a look at the 1-year chart of Illumina (NASDAQ: ILMN) with the added notations:

ILMN had gotten stuck trading in a sideways range from October through April. Then, in May, the stock finally broke out and ran all the way up to the mid-$240’s. Unfortunately, in July and August, ILMN fell all the way back down to where it started its rally from back in April. During that entire time, the stock created an important level of support at $180 (green). Now that the stock has broken that support, lower prices should follow.

The Tale of the Tape: ILMN broke a key level of support at $180. A trader could enter a short position on any rallies up to or near $180 with a stop placed above the level. If the stock were to break back above the $180 level, a long position might be entered instead.