Eli Lilly Stock Forecast
Weaker technical forecast for Eli Lilly as stock downgraded to Buy Candidate.
(Updated on Jul 02, 2024)
The Eli Lilly stock price fell by -0.84% on the last day (Tuesday, 2nd Jul 2024) from $914.37 to $906.71. During the last trading day the stock fluctuated 3.81% from a day low at $878.50 to a day high of $912.00. The price has been going up and down for this period, and there has been a 2.45% gain for the last 2 weeks. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 5 million shares were bought and sold for approximately $4.10 billion.
The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $917.22 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 23.90% during the next 3 months and, with a 90% probability hold a price between $1,052.12 and $1,136.48 at the end of this 3-month period.
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LLY Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, July 01, 2024, and so far it has fallen -0.84%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Eli Lilly stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $904.50 and $843.72. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Eli Lilly stock
On the downside, the stock finds support just below today's level from accumulated volume at $781.10 and $750.77. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Eli Lilly finds support just below today's level at $781.10. If this is broken, then the next support from accumulated volume will be at $750.77 and $734.97.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $33.50 between high and low, or 3.81%. For the last week, the stock has had daily average volatility of 1.67%.
Our recommended stop-loss: $880.28 (-2.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 40 days ago.)
Trading Expectations (LLY) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Eli Lilly and Company to open at $899.07, and during the day (based on 14 day Average True Range), to move between $888.98 and $924.44, which gives a possible trading interval of +/-$17.73 (+/-1.96%) up or down from last closing price. If Eli Lilly and Company takes out the full calculated possible swing range there will be an estimated 3.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $909.04 (0.26%) than the support at $781.10 (13.85%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Eli Lilly and Company stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Eli Lilly stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.610 Buy Candidate Downgraded
Predicted Opening Price for Eli Lilly and Company of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $899.07 ( 0.84%) | $906.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LLY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 932.57 | 2.85% |
| R2 | 919.77 | 1.44% |
| R1 | 911.87 | 0.569% |
| Price | 906.71 | |
| S1 | 886.27 | -2.25% |
| S2 | 878.37 | -3.13% |
| S3 | 865.57 | -4.54% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 914.37 | 0.84% |
| R1 | 909.04 | 0.257% |
| Price | 906.71 | |
| S1 | 781.10 | -13.85% |
| S2 | 750.77 | -17.20% |
| S3 | 734.97 | -18.94% |
LLY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 15, 2024 | Aug 15, 2024 | Sep 10, 2024 | $1.30 | 0.143% |
| 2 | May 15, 2024 | May 15, 2024 | Jun 10, 2024 | $1.30 | 0.150% |
| 3 | Dec 08, 2023 | Feb 15, 2024 | Mar 04, 2024 | $1.30 | 0.164% |
| 4 | Dec 08, 2023 | Feb 14, 2024 | Mar 08, 2024 | $1.30 | 0.171% |
| 5 | Nov 01, 2023 | Nov 14, 2023 | Dec 08, 2023 | $1.13 | 0.189% |
FAQ
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