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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. Today's price range of $143.55 and $145.94 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 & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Eli Lilly & Co share prices have moved between a 52-week high of $147.87 and a 52-week low of $101.36 and are now trading 44% above that low price at $145.81 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 0.3%.

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.

Eli Lilly & Co (NYSE:LLY) defies analysts with a current price ($145.81) 36.3% above its average consensus price target of $92.84. The stock should find initial support at its 50-day moving average (MA) of $137.59 and further support at its 200-day MA of $121.77.

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

Keywords: bearish inside day candle eli lilly & co

Ticker(s): LLY