Zepbound's FDA Approval: Boosting Lilly & Co's Stock OutlookThe FDA has approved a new drug, Zepbound, from Lilly (Eli) & Co, which will be used to treat obesity. According to the World Health Organization, nearly 3 million people die from obesity annually worldwide. Therefore, Zepbound is expected to be in demand, allowing the issuer to increase its revenue while maintaining current profitability levels. According to Morgan Stanley, the global market for obesity treatment drugs was valued at USD 2.4 billion in 2022 and is expected to reach USD 77 billion by 2030.
Today, we are focusing on the stock chart of Lilly (Eli) & Co. (LLY).
On the D1 timeframe, a support level has formed at 567.18 and resistance at 625.87. A relatively wide channel has developed, with a high probability of breaking through the upper boundary. The issuer's quotes are aiming to reach a historical maximum. In the event of a channel breakout to its width, the target could be the mark of 684.56. Additionally, following the last meeting of the US Federal Reserve, investors expect a softening of monetary policy, which is conducive to stock market growth.
On the H1 timeframe, long positions from current positions with a target of 625.87 may be of interest. A long position can be held up to 684.56 in the medium term, while the consolidation of quotes above the level of 597.70 will be an important signal for the continuation of the upward trend.
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