OVERBOUGHTRSI is at 82.17. THIS IS NOT TO LONG ENTRY LEVEL. (EL)
It is often important to Wait for EL especially when price is struggling.
Price is trying to touch the top of the cup.
There is not a well formed handle but I drew a green line where I see some support. You may see this differently.
ATH is 384.44.
Spinning top representing indecision at resistance.
No recommendation
Price is above the .236 of the trend up.
Overbought refers to a security with a price that's higher than its intrinsic value. Many investors use price-earnings (P/E) ratios to determine if a stock is overbought, while traders use technical indicators, like the relative strength index (RSI).
An oversold market is one that has fallen sharply and is expected to bounce higher. On the other hand, an overbought market has risen sharply and is possibly ripe for a decline. Securities can remain overbought or oversold for extended periods of time.
LLY trade ideas
ELI LILLY on the best buy opportunity of the year!Eli Lilly and Company (LLY) has been trading within a Channel Up pattern since the October 30 2020 low exactly on the 1W MA100 (red trend-line). As the 1D RSI turned oversold below the 30.00 barrier, while the price touched the bottom (Higher Lows trend-line) of the Channel Up, it has filled all conditions for the most optimal buy level of the year. There have been another three similar oversold events, each on one year since 2020.
Once the price breaks above the 1D MA200 (orange trend-line) again, which you can use as confirmation and take the buy after it, we'll set a target at $390.00 on a 4 month horizon.
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Looks Like A Roof! I do not see this pattern often (like maybe 2 other times that I remember) so I googled it and T. Bulkowski (the best chart analyst I have ever followed) had some information online about a "Roof" pattern. I do not see 2 triangles attached to each other at the wide ends which would make a diamond top, but you may see things differently.
T. Bulkowski did not say if it was bullish or bearish, only that it performed poorly statistically among other chart patterns. So I will watch this and maybe learn from it, but to me it resembles a version of a H&S without distinctive peaks for the head or the 2 shoulders.
There are so many rising wedges under this stock that span over the last 2 years that it would be impossible to draw them all, so I will refer to the lowest wedge which would take this under 200 if the bottom trendline were to be broken. Rising wedges are not valid until the bottom line is broken, but when they are broken expect a pull back due to the over-supply inside the wedge..
Price is well above the.236 of the trend up.
LLY is priced for perfection. Not one little thing can be out of place when you are perfect.
No recommendation.
LLY daily - bullish after breakoutLLY daily - is in the bull flag which could be nice and could be bullish if the price breaks out through the upper blue dotted line.
Volume decreased last two days which is bearish because the price went up at a lower volume. Price is moving around 8, 20, and 50 days MA which could indicate a strong move pretty soon.
RSI is neutral.
MACD histogram tick is smaller while the MACD line turns and starts to move up which could be bullish if continue to do so. It also has small bullish divergences.
Overall: LLY could have a strong up move if it moves very strongly above the upper blue dotted line and close there. Long trade would be triggered if the price moves strongly on a bigger volume than the last 20 days' average volume, or if the day is closed above that dotted trend line.
Have in mind that it also looks like an SHS reversal pattern, therefore, I said LLY needs a powerful move for a long position.
LLY is a strong/bulling fundamental stock therefore would be traded only long.
LLY - be careful - $428 is topsLLY is running in to the top of the very long trendline starting in 2013.
Watch for resistance near $395 and $428. $428 will have significant reaction to the downside.
Current price at $370 has probable cause to take a pause maybe toward $334 before resuming the upward trend toward $428 Fib level of 55
LLY Medium Term TrendMany signs point to LLY going up in the next 3-6 months, I personally am a strong believer that it will go up however as seen b historical data it just go with long bull and long bear/flat trends, my target is $380 atm, but for the upcoming recession and down turn I would expect $200-$250 flatline for a few months to possibly a year.
LLY | LongThis week a Twitter user bought a blue tick by spending $8 to post a fake tweet "insulin will be free now". Major Insulin producer LLY erased $30 billion in market cap. in a single day. Fundamentally this stock has a huge P/E ratio, in spide, there still has growth potential for that underlying. IMO LLY will retest new highs.