Eli Lilly and Company - (LLY) - December 16, 2021 (Daily Stock Report)

by SIACharts.com

 

 

With a management boost to 2022 sales guidance sending its shares up 10.2% yesterday, Eli Lilly (LLY) returned to the Green Favored Zone of the SIA S&P 500 Index Report from a dip into the Yellow Zone. The shares have been trending upward in the report all year and yesterday’s action has confirmed another higher low. On Wednesday, the shares finished in 92nd place, up 37 positions in the day. In the SIA S&P 100 Index Report, LLY climbed 8 spots yesterday to 19th place.

Four months of rangebound consolidation in Eli Lilly (LLY) shares ended yesterday with a major breakout that resolved a sideways rectangle that had formed between $220 and $275 to the upside. A breakaway gap on a surge in volume signaled renewed investor interest in LLY and the start of a new upleg.

Upside resistance may initially appear near the $300.00 round number, followed by $330.00 on trend based on a measured move from the recent consolidation zone. Initial support appears at the 50-day moving average and the bottom of yesterday’s gap near $250.00.

 

Eli Lilly (LLY) shares staged a major breakout yesterday. After staging a high pole rally back in the summer, the shares had spent the last three months consolidating their gains. Through this period, the underlying upward trend of higher column lows continued, indicating ongoing accumulation. Yesterday, the shares closed above $275.00 at a new all-time high, completing a bullish Triple Top breakout and signaling the start of a new upleg.

A number of horizontal and vertical counts cluster in the $334.60 to $348.15 area, with next potential resistance after that on trend possible near $376.80 based on a vertical count, and initial resistance possible near the $300.00 round number. Initial support appears near $253.60 based on a 3-box reversal, followed by $250.00.

With a bullish SMAX score of 8, LLY is exhibiting strength against the asset classes.

 

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Total
0
Shares
Previous Article

Christmas Grinch Alert — There’s Nothing Under the Tree

Next Article

Quick Thoughts: What Our Managers Think: Positioning Portfolios for 2022

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.