Eli Lilly Challenges Falling Trendline
Eli Lilly spent the fourth quarter consolidating gains, and now trend followers may expect further upside.
The first pattern on today’s chart is the falling trendline along the peaks of November and December. Prices tried to fight above that resistance yesterday, creating potential for a breakout.
The pharma giant also pushed above its 50-day simple moving average (SMA). Both of those events may suggest that the intermediate-term trend is getting more bullish.
Next, LLY jumped on November 2 following strong quarterly results and bottomed around $567 the next session. It tested that post-earnings low last month and repeatedly closed above it. Is new support in place?
Finally, MACD just turned positive.
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The first pattern on today’s chart is the falling trendline along the peaks of November and December. Prices tried to fight above that resistance yesterday, creating potential for a breakout.
The pharma giant also pushed above its 50-day simple moving average (SMA). Both of those events may suggest that the intermediate-term trend is getting more bullish.
Next, LLY jumped on November 2 following strong quarterly results and bottomed around $567 the next session. It tested that post-earnings low last month and repeatedly closed above it. Is new support in place?
Finally, MACD just turned positive.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url = tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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