Drugmaker Eli Lilly (LLY) returned to the Green Favored Zone of the S&P 500 earlier this month from a dip down into the yellow zone, and since then, it has gained 8.6%. LLY finished Friday in 12th position, up 5 spots on the day and up 15 places in the last month.
Eli Lilly (LLY) staged a major breakout on Friday. The shares staged a breakaway gap up through $375.00 to close at a new all-time high (top circle), confirming a recent Golden Cross of the moving averages (middle circle) on an increase in volume (bottom circle). Initial upside resistance appears near the $400.00 round number, followed by $440.00 based on a measured move from the recent trading range. Initial support appears near $365.00.
Check out the incredibly consistent accumulation in Eli Lilly (LLY). Since the fall of 2020 (circled), the shares have not staged a bearish breakdown of more than one row and have steadily advanced in an uptrend of consistently higher lows. After a winter correction bottomed out at another higher low, the shares have started to advance once again, staging a bullish double Top breakout on Friday and closing at a new all-time high.
Horizontal and vertical counts suggest potential upside resistance in the $450.00 to $470.00 zone. Initial support appears just below $350.00 based on a 3-box reversal.
With a perfect SMAX score of 10, LLY is exhibiting strength across the asset classes.
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