Comparing two points of price and MACD
The MACD is very similar in both points, very over extended
This correlates well with the 1.618 fib level, which allows price to move down along the circle as the MACD retraces, as seen in the first scenario (0.618)
LLY has provided a nice long opportunity with the recent break above the major trendline
This breakout is comparable to a previous point, which led to a large megaphone price structure
Price will likely stay above the trendline and climb within the megaphone (attempted to roughly sketch what it would look like)
$LLY Bullish Pennant, Unusual Options Activity
$360M of January'22 deep in-the-money calls bought today (8-9x open interest)
On watch for a daily close outside the pennant (topside).
Near term target: $300-$310 range possible by early December
Note: This is NOT investment advice.
$LLY Oversold - Bullish Hammer on Daily Chart
Pennant formed on shorter time frame charts. Bounce move could be imminent.
Short term target - $148.00
Could quickly see $152.00 if upper down-trend line is broken.
Note: Meant to be educational, not investment advice.
