Eli Lilly (LLY) is about to test its 1W MA50 (blue trend-line) following a rebound just below the 1W MA100 (green trend-line). The latter, has been the ultimate market Support since May 2018 (last time it broke below it).
The overall correction since the July 15 2024 High seems like a Bull Flag pattern, no different than all the others after 2018 which only served as healthy rebalancing of an overbought price action.
Based on he 1W RSI in particular and the Bullish Divergence it displayed, the current Bull Flag resembles more the March - October 2019 pattern. Both that and the next one reached their 2.0 Fibonacci extensions.
As a result, our long-term Target on LLY is just below the 2.0 Fib at $1300.
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The overall correction since the July 15 2024 High seems like a Bull Flag pattern, no different than all the others after 2018 which only served as healthy rebalancing of an overbought price action.
Based on he 1W RSI in particular and the Bullish Divergence it displayed, the current Bull Flag resembles more the March - October 2019 pattern. Both that and the next one reached their 2.0 Fibonacci extensions.
As a result, our long-term Target on LLY is just below the 2.0 Fib at $1300.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.