Illumina amid negative outlook - Analysis - 13-06-2022

Illumina's stock (ILMN) tumbled after the company said the financial executive officer will leave the company in July, with the company now seeking replacements, marking a loss of 9.03%, or 20.28 points, and settling at 204.19, becoming the worst performing stock on the S&P 500, with trading volumes surpassing 3 million shares, above 10-day averages of 1.4 million shares. 

The stock pierced the pivotal support of 208.35, amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

Therefore we expect more losses for the stock, targeting the support of 177.20, provided it settles below 208.35.

Expected trend for today: Bearish