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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eli Lilly (NYSE:LLY) based on the price action in the company's shares. Today's price range of $79.61 and $80.63 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. Traders and investors interested in shares of Eli Lilly 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 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.

Eli Lilly has overhead space with shares priced $79.93, or 18.8% below the average consensus analyst price target of $98.39. The stock should find resistance at its 200-day moving average (MA) of $80.00, as well as support at its 50-day MA of $74.01.

Over the past year, Eli Lilly has traded in a range of $67.88 to $92.85 and is now at $79.93, 18% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 0.3%.

SmarTrend is monitoring the recent change of momentum in Eli Lilly. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Eli Lilly in search of a potential trend change.

Keywords: bullish inside day candle Eli Lilly

Ticker(s): LLY