$LLY Technical Setup – Breakout Reloading

LLY is holding a critical mid-range level, and the chart hints at a potential accumulation before a breakout. Here's the updated view:

🔹 Horizontal Range Still Intact: Price remains trapped between ~$710 support and ~$965 resistance. These levels have acted as major turning points for over a year — creating a defined trading range.

🔹 False Breakdown & Quick Recovery: After dipping below support, price quickly reclaimed the $795 level — often a signal of seller exhaustion and demand stepping in. This creates a potential bear trap scenario.

🔹 Rejection Zones Marked: Prior attempts to break above ~$965 have failed at the same zone (highlighted in blue), forming a strong but vulnerable ceiling. Each attempt weakens the resistance.

🔹 Current Structure Suggests Stair-Step Higher:

Holding $795 could attract more buyers.

A higher low formation would build pressure for a push toward the top of the range.

Break and hold above $965 opens the door to ATH continuation.

🔹 Trade View:

Entry: ~$790–$800 zone

Stop: Below $709 (red zone — invalidation level)

Target: $965, possibly higher if breakout confirms

💡 Why Price Could Rise:

Price just reclaimed a key level that previously acted as a major pivot.

Strong pharma sector sentiment and LLY's leadership in the GLP-1 space remain intact.

Technical structure supports continuation of the larger range cycle.

🚫 Not financial advice — just charting the probabilities. Watch for confirmation!