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

By Shiri Gupta

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. Yesterday's price range of $155.61 and $156.90 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. 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.

In the past 52 weeks, shares of Eli Lilly & Co have traded between a low of $101.36 and a high of $157.67 and closed yesterday at $157.79, which is 56% above that low price. The 200-day and 50-day moving averages have moved 0.52% higher and 0.46% higher over the past week, respectively.

Eli Lilly & Co (NYSE:LLY) is currently priced 41.2% above its average consensus analyst price target of $92.84. The stock should discover initial support at its 50-day moving average (MA) of $138.81 and subsequent support at its 200-day MA of $123.13.

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.

SmarTrend is tracking the current trend status for Eli Lilly & Co and will alert subscribers who have LLY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle eli lilly & co

Ticker(s): LLY