Eli Lilly Stock Forecast
Eli Lilly stock downgraded to Buy Candidate
(Updated on May 24, 2024)
The Eli Lilly stock price fell by -0.126% on the last day (Friday, 24th May 2024) from $808.45 to $807.43. During the last trading day the stock fluctuated 0.742% from a day low at $804.15 to a day high of $810.12. The price has been going up and down for this period, and there has been a 6.24% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -749 thousand shares and in total, 2 million shares were bought and sold for approximately $1.42 billion.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $808.56 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Eli Lilly stock with a 90% probability to be traded between $733.39 and $815.49 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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LLY Signals & Forecast
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 $792.32 and $762.51. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, May 23, 2024, and so far it has fallen -0.126%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Eli Lilly stock
Eli Lilly finds support from accumulated volume at $781.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $5.97 between high and low, or 0.742%. For the last week, the stock has had daily average volatility of 1.96%.
Our recommended stop-loss: $777.78 (-3.67%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (LLY) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Eli Lilly and Company to open at $807.23, and during the day (based on 14 day Average True Range), to move between $789.80 and $825.06, which gives a possible trading interval of +/-$17.63 (+/-2.18%) 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 4.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $808.45 (0.13%) than the support at $781.10 (3.26%), 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 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 period. 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: 4.059 Buy Candidate Downgraded
Predicted Opening Price for Eli Lilly and Company of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $807.23 ( 0.0244%) | $807.43 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 813.20 | 0.715 % | |
| R2 | 810.92 | 0.433 % | ||
| R1 | 809.51 | 0.258 % | ||
| Current price: | 807.43 | |||
| Support | S1 | 804.95 | -0.307 % | |
| S2 | 803.54 | -0.481 % | ||
| S3 | 801.26 | -0.764 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 808.45 | 0.126 % | ||
| Current price | 807.43 | |||
| Support | S1 | 781.10 | -3.26% | |
| S2 | 750.77 | -7.02% | ||
| S3 | 734.97 | -8.97% |
LLY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 15, 2024 | May 15, 2024 | Jun 10, 2024 | $1.30 | 0.161% |
| 2 | Dec 08, 2023 | Feb 15, 2024 | Mar 04, 2024 | $1.30 | 0.164% |
| 3 | Dec 08, 2023 | Feb 14, 2024 | Mar 08, 2024 | $1.30 | 0.171% |
| 4 | Nov 01, 2023 | Nov 14, 2023 | Dec 08, 2023 | $1.13 | 0.189% |
| 5 | Jun 26, 2023 | Aug 14, 2023 | Sep 08, 2023 | $1.13 | 0.193% |
FAQ
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