• Return to Headlines

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. Yesterday's price range of $79.61 and $80.93 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 21.6% exists for Eli Lilly, based on a current level of $80.88 and analysts' average consensus price target of $98.39. The stock should discover initial support at its 200-day moving average (MA) of $80.00 and subsequent support at its 50-day MA of $74.01.

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.

In the past 52 weeks, shares of Eli Lilly have traded between a low of $67.88 and a high of $92.85 and closed yesterday at $80.88, which is 19% above that low price. The 200-day and 50-day moving averages have moved 0.28% lower and 0.27% higher over the past week, respectively.

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 am inside day candle Eli Lilly

Ticker(s): LLY