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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. Yesterday's price range of $128.81 and $129.24 is within the prior day'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 $101.36 to $132.13 and closed yesterday at $129.14, 27% above that low. The 200-day and 50-day moving averages have moved 0% lower and 1.38% higher over the past week, respectively.

Eli Lilly & Co (NYSE:LLY) is currently priced 28.1% above its average consensus analyst price target of $92.84. Eli Lilly & Co shares have support at the 200-day moving average (MA) of $115.39 and additional support at the 50-day MA of $114.93.

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.

SmarTrend recommended that subscribers consider buying shares of Eli Lilly & Co on October 31st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $113.34. Since that recommendation, shares of Eli Lilly & Co have risen 14.2%. We continue to monitor LLY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle eli lilly & co

Ticker(s): LLY