Illumina, Inc.
Shares of Illumina, Inc. (ILMN) may face resistance from a nine-month descending trendline, but they are finding support from an inverted head and shoulders pattern and the 50-day simple moving average. Since the drop below $90 in early November, ILMN’s share price has risen more than 40% on above-average volumes, indicating a level of conviction behind the buying. If news-driven volatility increases, it may be wise to monitor two key areas: the $135 level, where price may encounter upper resistance from a descending trendline extending back to mid-April, and the $117 level, which is an area on the chart that may find support from an inverted head and shoulders pattern and the 50-day moving average.
Roku, Inc.
Streaming television company Roku, Inc. (ROKU) lost nearly 7% on Friday after a downgrade by MoffettNathanson. Analysts at the boutique research group raised concerns about the stock’s valuation following recent gains, given the company’s challenging revenue outlook. They noted that subscription video-on-demand services have significantly slowed down in October 2023, and Roku’s share of connected TV advertising may narrow due to increasing competition from streaming giants like Amazon Prime, Netflix, and Disney+. The research group has a price target of $66 for Roku shares, which is 31% lower than Friday’s closing price of $95.93.
Bitcoin
Bitcoin (BTC), the largest digital currency by market capitalization, experienced increased selling pressure during Monday’s trading session after the Securities and Exchange Commission (SEC) rejected a late-week request from leading U.S. cryptocurrency exchange Coinbase Global, Inc. (COIN) for clear regulations regarding digital currencies. The agency stated that it would not propose a new regulatory framework for digital assets as it fundamentally disagrees with the exchange’s claim that existing regulations for cryptocurrencies are “unworkable.” In response, Coinbase stated that it has filed for a review of the decision. With Bitcoin having risen over 50% in the past three months on the anticipation of a Bitcoin exchange-traded fund (ETF) approval and its upcoming halving in April, investors may view this development as an opportunity to take some profits amid renewed concerns regarding regulatory uncertainty. Bitcoin’s price has surged sharply since mid-October, with gains accelerating after the 50-day moving average crossed above the 200-day moving average, generating a golden cross. While the price is currently undergoing a pullback, it appears to be finding support from an ascending trendline extending from the October lows. However, it is important to monitor potential breakouts below for early indicators of a possible trend reversal. The $48,000 level should also be watched, as it may face resistance from a notable peak in March 2022 and the fact that it lies below the significant $50,000 level.
Source: https://www.investopedia.com/3-charts-for-investors-to-watch-monday-illumina-roku-bitcoin-8417257
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