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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 $127.33 and $127.96 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.

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) is currently priced 27.4% above its average consensus analyst price target of $92.84. The stock should discover initial support at its 50-day moving average (MA) of $121.13 and subsequent support at its 200-day MA of $107.82.

Eli Lilly & Co share prices have moved between a 52-week high of $130.75 and a 52-week low of $74.51 and are now trading 72% above that low price at $127.96 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Eli Lilly & Co on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $115.47. Since that recommendation, shares of Eli Lilly & Co have risen 11.0%. We continue to monitor LLY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle eli lilly & co

Ticker(s): LLY