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!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.