Eli Lilly Challenges Falling TrendlineEli 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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