Ride This Biotech’s Powerful Bull Trend

by Sam Collins | May 3, 2013 1:37 am

Ride This Biotech’s Powerful Bull Trend

Illumina (NASDAQ:ILMN[1]) — This company develops, manufactures and markets life science tools and integrated systems for the analysis of genetic variation and biological function. The stock was included in our Top 6 Stocks to Buy for May[2].

Credit Suisse raised its price target to $72 from $59 after the company reported first-quarter earnings of $0.46 versus a consensus estimate of $0.38. The Credit Suisse analyst said, “We reiterate our outperform rating and consider ILMN our top pick.”

Technically, the stock is in a powerful bull trend and recently broke to new highs on a breakaway gap from a bullish “W” pattern. On Thursday, it jumped to a 20-month high and is under heavy accumulation. Its short-term trading target is $70, but longer term look for $72-$80.

05 03 13 ilmn 300x199 Ride This Biotechs Powerful Bull Trend
Click to Enlarge

chart key 300x84 Ride This Biotechs Powerful Bull Trend[3]

Endnotes:
  1. ILMN: http://studio-5.financialcontent.com/investplace/quote?Symbol=ILMN
  2. Top 6 Stocks to Buy for May: http://investorplace.com/2013/04/top-stocks-to-buy-clmt-cern-hig-ilmn-ufi-yhoo/
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/04/chart-key.gif

Source URL: http://investorplace.com/2013/05/trade-of-the-day-illumina-nasdaq-ilmn/
Short URL: http://invstplc.com/1nELuJJ