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Possible Bearish Inside Day Candle Pattern Detected for Eli Lilly & Co (NYSE:LLY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eli Lilly & Co (NYSE:LLY) based on the price action in the company's shares. Today's price range of $111.72 and $112.37 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Eli Lilly & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Eli Lilly & Co has traded in a range of $103.66 to $132.13 and is now at $111.91, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals. The Company products are sold in countries around the world. Eli Lilly products include neuroscience, endocrine, anti-infectives, cardiovascular agents, oncology, and animal health products.

Eli Lilly & Co (NYSE:LLY) defies analysts with a current price ($111.91) 17.0% above its average consensus price target of $92.84. The stock should hit resistance at its 200-day moving average (MA) of $116.56, as well as support at its 50-day MA of $111.52.

SmarTrend is tracking the current trend status for Eli Lilly & Co and will alert subscribers who have LLY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle eli lilly & co

Ticker(s): LLY