After a 60 day base and a 2T VCP from 11.75% to 5.85% LLY gives a low risk entry point @ 294.34. Will manage as 1/3 profit on 1R (Moving stop to break even), 2/3 profit at 2R and give the rest room for a higher move.
Comment:
Bracketing stop loss. Half @282.9 other half @276.8
Comment:
Encouraging action showing super strong relative strength thanks to the CHMP approval of Lilly's alopecia drug, Olumiant. The chart is showing tenis ball action just where you want to see it(50 day MA) meaning there are institutions accumulating. The market is really really bad and this remains my only position for now with less than a 3% exposure.