- The LLY stock price is currently at $592.43.
- The company’s stock chart is showing the overall presence of buyers.
Eli Lilly and Company (NYSE: LLY) is a Pharmaceutical company that deals in the sales of pharmaceutical products which are manufactured by them. The firm’s products are used to medicate a large number of medical conditions, covering diabetes, oncology, immunology, and other diseases.
The Q3 2023 Result Expectations
The Q2 2023 report released in June 2023 made the LLY stock price jump from $450.58 to $506.00 with a 10% hike. This led to a huge gap being created in the Eli Lilly chart. After this, the stock price has been in a continuous uptrend and has also created its new all-time high of $629.97.
This happened due to the company’s strong performance in its Q2 earning reports where it reported an increase in its revenue, gross profit, and net income.
In addition to this, the company’s previous annual reports show consistent growth in its finances year to year. The firm’s Q3 revenue is expected to grow by around $8.97 Billion. After looking at its previous strong results, many analysts believe that it could again meet the expectations of the market as it has a strong portfolio and success record.
Eli Lilly and Company (LLY) Stock Analysis
LLY stock closed its last intraday session at $592.43 with a surge of 2.74% in its price, and it was recorded to be trading with a 24-hour volume of 2.633 Million. It is among the leading pharmaceutical companies with a market capitalization of $562.391 Billion.
Buyers’ Domination in the 1-Day Chart of LLY Stock
The LLY stock price has been in an uptrend since March 2023, which shows the absolute domination of buyers in the market. The company’s stock price has recently created its all-time high of $629.97.
After creating its all-time high, the price dropped by 7.77% for six consecutive trading session. However, in its last trading session, the price recovered 2.74% of the fall and is sustaining above $575.28. This could act as immediate support with a resistance zone at $629.84.
The price has been continuously trending in the upward direction with the support of the 50-day and 100-day EMAs. This shows that the bulls have the overall dominance over the price.
The relative strength index (RSI) is at 57.13 and is trending in the upward direction after taking support from the 50-level. This shows the ongoing buying pressure from the buyers’ side.
In the current scenario, if the next candle closes above the current candle high, the ongoing buying pressure can continue and the price could move up to retest the $629.84 resistance. For the continuation of the uptrend, it must give the breakout of this resistance level. After this, it could reach the $700.00 level which could act as its next possible resistance.
However, if the price fails to sustain above the $575.28 level and gives the breakdown of this level, it may fall to its next support zone at $516.35.
Conclusion
The overall sentiment of LLY stock is bullish. The technical indicators are also showing bullish sentiment. However, there is a gap left in the market that is not filled yet and the price always fills the gap left in the market. So, if the price fails to sustain above the $575.28 level and falls to its $516.35 support zone, it may then fill the gap.
Otherwise, it may resume its uptrend to retest the $629.84 resistance zone if it sustains above the $575.28 level.
Technical levels
Resistance Levels: $629.84 and $700.00.
Support Levels: $575.28 and $516.35.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.