- Eli Lilly Co.’s upcoming obesity drugs highlight a bright future for the company.
- The LLY stock price is currently recovering from the prior breakout.
- The LLY stock closed at 571.76 with a gain of 1.16% in the past intraday session.
The Eli Lilly And Co (LLY) stock price has increased since March 2023. The uptrend uplifted the stock price by about 94% in that period while witnessing higher highs and lows. The long march of bulls started from a low of $309.20 and attained an annual high of $601.84.
However, the price was halted at a $601.84 resistance level after a prolonged bullish trend. The meltdown towards the support level of $516.57 was due to the vigorous presence of bears. Hence, the price dropped roughly 13% and became the highest fall after March 2023. The price surged about 12% after forming strong support at $516.57.
The LLY stock price is recovering from the prior breakout, indicating a bullish strength in the market. It is trading at the $571.76 level while witnessing a gain of 1.16% in the past intraday session. Moreover, the market capitalization of the pharmaceutical giant is $542.76 Billion. Its average trading volume is 2.922 Million shares.
Eli Lilly’s Upcoming Obesity Drugs Highlight Bright Future
Brokerage BofA Global Research is signaling a bullish upcoming month for LLY shares. Eli Lilly And Co. is ahead of a critical regulatory decision on using its potential blockbuster drug Mounjaro as a weight-loss treatment. Mounjaro is the first and only approved once-weekly GIP and GIP-1 receptor agonist.
Q3-2023 Consensus Forcast Of Eli Lilly And Co.
Eli Lilly And Co. will announce its third-quarter financial report on November 2, 2023. The company’s projection of earnings for the Q3 consensus is 2.927 EPS. Meanwhile, the revenue estimated forecast is $8.916 Billion. Both earnings and revenue estimated are projected to be higher than the Q3-2022 reported figures.
Will the LLY Stock Retest the Annual High?
The RSI has been trading above the 50-neutral zone since October 5, 2023, and scores at 60.77, indicating a rise in buyers’ participation over the past few days. However, if bullish trends are sustained, the price might retest the annual high of $601.84.
On the other hand, if the bears snatched control from the bulls and dropped below $516.58, it might melt towards the $500 mark if Eli Lilly And Co (LLY) stock attracts more sellers in the upcoming time.
The LLY stock price is hovering above the significant exponential moving average, suggesting bullish dominance in the market. Moreover, the CMF stands at the 0.02 mark, indicating slight strength in the market in the past intraday session.
Conclusion
The market structure and price action of Eli Lilly And Co (LLY) stock price are currently recovering. If the bullish momentum is sustained, the price might retest the annual high. Investors and traders should look for buying opportunities as the technical parameters and analyst ratings suggest the same.
Technical Levels
Major resistance: $601.84 and $579.79
Major support: $317.00 and $309.20
Disclaimer:
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