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My Top Pick to Buy in This Market Pullback

Illumina is at the top of my buy list following the current market sell-off

   

Illumina (ILMN) — This company develops, manufactures and markets life science tools and integrated systems for the analysis of genetic variation and biological function.

The stock was recommended in our Top Stocks to Buy for May at $64 with a trading target of $70 and longer-term target of $72.

Since the stock met both of our targets, flashed a sell signal from our proprietary indicator, the Collins-Bollinger Reversal (CBR), on July 12, and gave a MACD sell signal on July 15, I thought it time then to cash in our profits at just over $75.

It is seldom wrong to take a profit, but this stock popped on a gap to $83.23 on July 24, and since has meandered lower in an attempt to close that gap.

Illumina has recently been upgraded by Zacks and several other research firms after it reported better-than-expected Q2 earnings. Thus, I’m placing ILMN at the top of our list of stocks to buy back following the current general market sell-off.

Buy ILMN at $75 or lower with an intermediate objective of $85. Investors who hold the stock long term could see even bigger profits.

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chart key 300x84 My Top Pick to Buy in This Market Pullback


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/trade-of-the-day-illumina-ilmn-2/.

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