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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 $117.36 and $117.36 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.

Based on a current price of $117.36, Eli Lilly & Co is currently 20.9% above its average consensus analyst price target of $92.84. The stock should hit resistance at its 50-day moving average (MA) of $121.75, as well as support at its 200-day MA of $114.92.

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.

In the past 52 weeks, shares of Eli Lilly & Co have traded between a low of $81.61 and a high of $132.13 and are now at $117.36, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.4%.

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