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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $123.82 and $124.20 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. Traders and investors interested in shares of Eli Lilly & Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Eli Lilly & Co share prices have moved between a 52-week high of $132.13 and a 52-week low of $76.33 and closed yesterday at 63% above that low price at $124.08 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.5%.

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.

Based on a current price of $124.08, Eli Lilly & Co is currently 25.2% above its average consensus analyst price target of $92.84. The stock should hit resistance at its 50-day moving average (MA) of $124.98, as well as support at its 200-day MA of $111.58.

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 6.6%. We continue to monitor LLY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle eli lilly & co

Ticker(s): LLY