Jumping in on ILMN
While the biotech sector picks up momentum, one can look for opportunities in specific stocks to get long.
One prime example of this is $ILMN. Please observe the chart below.
$ILMN has come back down to tag the 50MA. One can consider getting long half a piece here, first. Should the stock come down lower to tag the 100MA, the other half can be placed.
Stop loss should be placed just below the 100MA, at around $178.51. This allows for some buffer room below the major moving average to account for potential noise.
More aggressive traders can simply go in with full size, with a stop below the 50MA, around $188.18.