Exactly two weeks ago the stock market put in an important low that has led to a near 10 percent rally.

If investors had purchased virtually any stock near that time they probably saw significant gains.

However, one of the industries that continue to outperform most others is biotechnology. Many biotech names have broken to 3, 6 or even 12-month highs.

One biotech stock that has recently broken out to new all-time highs is Illumina.

Illumina, Inc. develops, manufactures, and markets life science tools and integrated systems for the analysis of genetic variation.

The company’s products include sequencing platforms that are based on its SBS technology are designed to meet the various demands of a range of sequencing applications and an array of platforms that support the imaging of array-based genetic analysis products.

Take a look at the 1-year chart of Illumina with added notations:

Illumina had stalled near $180 on multiple occasions throughout 2014. Many times the stock tried to push above that level only to be sent back down again.

Finally, thanks to a favorably received earnings report, Illumina finally popped through that $180 resistance on a large increase in volume.

So far the stock has made it all the way north of $190, but it has become overbought and price momentum seems to be rolling over.

A pullback down near the prior $180 level could provide investors and traders with an ideal entry point in Illumina if they missed it on the breakout.

The stock closed yesterday at $190.65.

No matter what your strategy, or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key.