Pattern:  Bear Flag  (bearish pattern)

Flag Pole: -2.60--- The flag pole started on Jan 4th after LLY said it would miss earning estimates.  This caused strong selling as LLY declined 6%. This flag pole measures 2.60

Flag:  The flag started on the 6th and since then LLY has trended upwards but remained in a tight flag pattern. Volume has also contracted during the flag formation. 

The Breakdown Target:  A break of the flag would send LLY -2.60 downwards to around 37.66.

Eli Lilly Co (LLY)


Things to note  The 20 ema has capped any of the move upwards as LLY has not have been above to close above it.  The 50 ema acted as support for the first decline and if LLY does break the bear flag it would also need to break this support. 


Read more


small-logoOur Featured  Bloggers represents some of the most in-depth and thought-provoking traders on the web. From Elliot Wave theory and forecasts to swing-trading strategies, and others simply showing you how to trade. You will find numerous options strategies and technical analysis on various equities, ETF's, indices, and futures as there is not shortage of material being offered by these seasoned traders.

Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!

twitterfacebookbuttonsrss feedyoutubeemail

enter-the-shareplanner-splash-zone-trading room

part-time trader 300x250

Splash Zone Banner for Day-Trading banner

SharePlanner Academy

SharePlanner Investment System