On Thursday, Illumina reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 80 the day before.
This exclusive rating from Investor's Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history reveals that the top-performing stocks often have an RS Rating of above 80 in the early stages of their moves.
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Illumina is now considered extended and out of buy range after clearing a 137.18 buy point in a first-stage cup with handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
While the company's top line growth fell last quarter from -1% to -5%, EPS grew 13%, up from 0% in the prior report. Keep an eye out for the company's next round of numbers on or around Nov. 4.
Illumina earns the No. 7 rank among its peers in the Medical-Research Equipment/Services industry group. Veracyte, Natera and Catalent are among the top 5 highly rated stocks within the group.
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