Mapping the market: Eli Lilly shares ready to rally again
LLY•Eli Lilly shares rose more than 70% from their April low to a record high on Thursday. Technical indicators point to a potential target of $1,655, about 16% above Thursday’s close, while a drop below $1,333.22 could end the rally narrative.
1. Potential upside targets
Fibonacci projections based on Eli Lilly’s rally from its October 8 low to its November 5 high, followed by a retreat to the November 6 low, point to a potential target of $1,655. Interim targets are $1,494, $1,532 and $1,579. The shares moved sideways after their early October-to-early November rally, a period the article describes as consolidation.
2. Downside levels to watch
Bollinger Bands, the Relative Strength Index and MACD all indicate that Eli Lilly shares could continue higher. If shares fall below the $1,377-to-$1,383 range, analysts would question whether further gains were possible; a drop below $1,333.22 would probably end the rally story.
