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Illumina (ILMN) is in Overbought Territory: What's Next?
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Illumina, Inc. (ILMN - Free Report) has moved higher as of late, but there could definitely be trouble on the horizon for this company. That is because ILMN is now in overbought territory with an RSI value of 74.14.
What is RSI?
RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.
Other Factors
Yet ILMN’s high RSI value isn’t the only reason for investors to be concerned, as there has been some decidedly negative earnings estimate revisions Illumina’s stock as of late. This is especially true when investors dive into some of these revisions in order to get a better picture of ILMN’s prospects for the near term.
Over the past one month, investors have witnessed 3 earnings estimate revision lower compared to none higher for the current year. The consensus estimate for ILMN’s has also been on a downward trend over the same time period too, as the estimates have fallen 10.1% over the last two months.
If this wasn’t enough, Illumina also has a Zacks Rank #5 (Strong Sell) which puts it into unfortunate company among its peers. So, given all of these factors, investors may want to consider exiting this stock now before it falls back to Earth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Illumina (ILMN) is in Overbought Territory: What's Next?
Illumina, Inc. (ILMN - Free Report) has moved higher as of late, but there could definitely be trouble on the horizon for this company. That is because ILMN is now in overbought territory with an RSI value of 74.14.
What is RSI?
RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.
Other Factors
Yet ILMN’s high RSI value isn’t the only reason for investors to be concerned, as there has been some decidedly negative earnings estimate revisions Illumina’s stock as of late. This is especially true when investors dive into some of these revisions in order to get a better picture of ILMN’s prospects for the near term.
Over the past one month, investors have witnessed 3 earnings estimate revision lower compared to none higher for the current year. The consensus estimate for ILMN’s has also been on a downward trend over the same time period too, as the estimates have fallen 10.1% over the last two months.
If this wasn’t enough, Illumina also has a Zacks Rank #5 (Strong Sell) which puts it into unfortunate company among its peers. So, given all of these factors, investors may want to consider exiting this stock now before it falls back to Earth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>