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

By Nick Russo

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 $116.54 and $117.36 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.

Based on a current price of $116.86, Eli Lilly & Co is currently 20.6% above its average consensus analyst price target of $92.84. Eli Lilly & Co shares should encounter resistance at the 50-day moving average (MA) of $121.60 and support at its 200-day MA of $114.99.

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.

Over the past year, Eli Lilly & Co has traded in a range of $81.61 to $132.13 and closed yesterday at $116.86, 43% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.5%.

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 am inside day candle eli lilly & co

Ticker(s): LLY