Eli Lilly Finally Pulls Back
Drug developer Eli Lilly shot to new highs earlier in the year, and now it’s finally pulled back.
The first pattern on today’s chart is the high-volume bullish candle on May 3. The move followed positive Phase 3 data for donanemab, its potential Alzheimer's disease treatment.
Second, prices are trying to hold the rising 21-day exponential moving average. That may indicate its short-term uptrend remains in effect.
Third, LLY apparently got ahead of itself last week and was unable to hold a new all-time high. But its quick pullback dragged stochastics to an oversold level where some buyers may feel more comfortable with the risk/reward.
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The first pattern on today’s chart is the high-volume bullish candle on May 3. The move followed positive Phase 3 data for donanemab, its potential Alzheimer's disease treatment.
Second, prices are trying to hold the rising 21-day exponential moving average. That may indicate its short-term uptrend remains in effect.
Third, LLY apparently got ahead of itself last week and was unable to hold a new all-time high. But its quick pullback dragged stochastics to an oversold level where some buyers may feel more comfortable with the risk/reward.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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