LLYCL trade ideas
LLY | GAP | Quick Profits | $15 GAP | Very Short Term |LLY will just bearish in the short term, while it fills the gap near $140.
1. Our first confirmation is that the 21 moving average is very far away from the current price at $160. We can see a sharp pull back from the resistance level at $160.
2. The fib retracement has reached 1.161%, which is a massive gain for bulls forcing them to take profits.
3. LLY could fill the gap in the near terms, or come back in the future to give a chance to buyers from $140 - $155 to acquire the stock. If the market doesn't allow the buyers, then is considered somewhat inside trading.
4. Looking at the RSI, we see a straight line up, and we call this a rubber band effect since there are high chances of it snapping back.
I would wait until the end of the market to do your best.
$LLY Oversold - Bullish Hammer on Daily Chart$LLY Oversold - Bullish Hammer on Daily Chart
Pennant formed on shorter time frame charts. Bounce move could be imminent.
Short term target - $148.00
Could quickly see $152.00 if upper down-trend line is broken.
Note: Meant to be educational, not investment advice.
LLYwe have two senario:
if the market forcefully breaks the 0.78 fibo level there will be a probability of going towards the 0.61 fibo level.
and if the market breaks the level1 fibo with force there will be a probability to go up more.
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DISCLAIMER: As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level. Not every idea is a valid trade. This analysis is a trading idea, not a trading signal for you.
More Bullish Momentum Evidence LLYIf the powerful US stock market rally is just a counter trend move in a developing bear market, why is a large company LLY stock making a new all-time?
This stock could be the first of many in the new bull market.
Thanks to Trading View member Pardis for noting LLY made a bullish break out.
Mark
