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Friday, February 24, 2017 9:22:12 AM
:) Eli Lilly (LLY) Breaks 18 Month Downtrend
By Tom Bowley
* February 24, 2017
Eli Lilly (LLY) printed an exhaustion gap in November on massive volume, marking a significant bottom and over recent trading days broke a downtrend line that spanned 18 months of action. Based on this combination and improving momentum, it certainly appears that LLY has seen its worst and has begun to experience much better technical action. Check out the exhaustion gap on the daily chart:
The short-term picture has certainly improved, but more importantly it appears as if the longer-term downtrend on the weekly chart has broken. Take a look....
The only downside at this point is that LLY is overbought in the very near-term. So we can expect a little profit taking. Outside of that, however, LLY appears poised to sustain a run to the upside.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/02/ely-lilly-breaks-18-month-downtrend-.html
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By Tom Bowley
* February 24, 2017
Eli Lilly (LLY) printed an exhaustion gap in November on massive volume, marking a significant bottom and over recent trading days broke a downtrend line that spanned 18 months of action. Based on this combination and improving momentum, it certainly appears that LLY has seen its worst and has begun to experience much better technical action. Check out the exhaustion gap on the daily chart:
The short-term picture has certainly improved, but more importantly it appears as if the longer-term downtrend on the weekly chart has broken. Take a look....
The only downside at this point is that LLY is overbought in the very near-term. So we can expect a little profit taking. Outside of that, however, LLY appears poised to sustain a run to the upside.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/02/ely-lilly-breaks-18-month-downtrend-.html
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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