Illumina Inc. (ILMN) ripe for further correction

Illumina Inc. (NASDAQ: ILMN) is poised for a strong correction even on Thursday despite of taking a 19% hit following the quarterly earnings on Septmeber. ILMN stock breached the 200 days MA with highest volumes of over 16 million since early February on Wednesday, and closed at $33.37.

Illumina Inc. (ILMN) stock could now geta support around $31, failing which it could go down to a level of around $28.

The pharma research products maker Ilumina Inc. (ILMN) had reported adjusted earnings per share of 24 cents, on revenue of $158 million.
Illumina Inc. (ILMN) also lowered its 2009 adjusted earnings forecast.