LLY - Eli Lilly: Throwing Its Weight Around - But For How Long? (Technical Analysis)

2024-06-24 04:53:13 ET

Summary

• Follow along as we discuss a potential top formation in Lilly's stock price and the importance of proper evidence before taking a short position.
• We share our methodology that shows at what price level to turn more cautious if you are long Lilly shares at the moment.
• How does the structure of price on the Lilly chart show us this?

By Levi at Elliott Wave Trader; Produced with Avi Gilburt

There are likely to be a few different types of shareholders here. You will have the “long and strong” crowd that has been in Eli Lilly ( LLY ) shares for the last decade or more and is sitting on a pile of profits. Then it could also be that there are some that have recently entered this apparent non-stop ride to the stratosphere. This group is probably going to be a bit more like a cat on a hot tin roof wondering if or when to jump off....

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