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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eli Lilly (NYSE:LLY) based on the price action in the company's shares. Today's price range of $82.15 and $82.84 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 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's products are sold in countries around the world. Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

Over the past year, Eli Lilly has traded in a range of $67.88 to $92.85 and is now at $82.79, 22% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.3%.

Eli Lilly (NYSE:LLY) has potential upside of 18.8% based on a current price of $82.79 and analysts' consensus price target of $98.39. The stock should find initial support at its 200-day moving average (MA) of $80.00 and further support at its 50-day MA of $74.01.

SmarTrend recommended that subscribers consider buying shares of Eli Lilly on June 30th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.13. Since that recommendation, shares of Eli Lilly have risen 5.1%. 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

Ticker(s): LLY