- Eli Lilly and Company. (NASDAQ: LLY) indicates that the LLY stock is in a strong uptrend
- LLY stock surged 41.80% in the one year
- LLY stock price made a new all-time high at $469.87
Eli Lilly and Company’s (NASDAQ: LLY) price prediction establishes a bullish outlook for the LLY stock. The market has been climbing aggressively since March 2023. The stock has outperformed several assets amidst the struggles of tech stocks. The price got a pump after the market crossed the resistance level of $375.85, which was its previous all-time high. As of now, the LLY stock has made a new all-time high of $469.87.
At the time of writing, Eli Lilly and Company closed its trading session on Wednesday, 20th July 2023 at $463.82. This marked a bullish jump of 2.26% over the prior day.
Can Eli Lilly and Company Reach $500?
Eli Lilly and Company’s stock price highlights the strong bullish momentum of the stock price. The price floats above the 200 EMA, which signifies its bullish strength. The bulls are buying very heavily and are not shying away from the rising prices. This reveals that the LLY stock has attracted the attention of investors.
Meanwhile, the LLY stock has made a correction of 7.63% after creating a new all-time high. The price bottomed at $434.65 before making a bullish reversal to its current market price. With the current pace, the LLY stock has the potential to ascend to almost $500. It may be too early to predict this.
Will the LLY Stock Price Break the All-time High?
On the 4-hour chart, the LLY stock is replicating the daily timeframe with a strong bullish market structure. The LLY stock carves out new highs and maintains a bullish outlook in the short term. At present, the price has returned from the pullback and is making its way to the resistance of $469.87.
If the price gets rejected from here, it may lead to the formation of a double-top pattern, which is a trend reversal pattern. This potential double top has a target of $402, which could be a volatile dive for her. On the flip side, if the bulls break the resistance, the LLY stock price may rise to newer heights.
RSI
The RSI indicator is currently at 62.39. It represents a strong bullish condition, where the market is slightly oversold. The price may move up aggressively if RSI goes above 70.
MACD
MACD has made a bullish crossover and the indicator has crossed the 0 line. This means the market is extremely bullish and the price will move up until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. It indicates that the market is under buy pressure and the buyers are in control. The 200 EMA will act as significant support. The LLY stock price will continue to move up until it breaks below the indicator.
Conclusion
Eli Lilly and Company’s (NASDAQ: LLY) price prediction establishes a bullish outlook for the LLY stock. The LLY stock has been soaring amidst global economic tensions. The overall trend for the LLY stock price is extremely bullish. The market may be oversold, but it can continue to stay oversold as long as the buyers keep on buying. As of now, there are no major signs of reversal, and the price may continue to climb in the short term.
Technical Levels
- Support level: $447.54
- Resistance level: $469.87
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