Here’s Confirmation That The Trend Has Changed
Â
All trends must come to an end, but that
doesn’t mean you have to get out of the stock. It might just mean changing
the team that you’re rooting for…’Da Bulls!!!’ If the pattern is there,
with technicals to support your case, why not try getting an early entry off a
well defined reversal setup.
Â
11:57:01
Intraday
Setup Alert
From the Nightly Daytraders
Report, Eli Lilly (LLY)
which was listed under Institutional laggards has traded lower on the session. Today’s
lows have brought the stock down to potential zone supports. This area is
comprised of a 70% Fibonacci retracement and prior price supports from March.
The issue has traded higher out a 1,2,3
bottom and is now consolidating in a potential first range Slim
Jim. Long entries above pattern resistance are set at 57.30 with the
stock down .48 at 57.25.
Â
Â
My nightly
report was on the right track in listing the stock under Institutional Laggards,
but with the gap lower and no discernable pattern for me to get excited
over, by the time I looked at the technical picture, there looked to be a
‘remedy’ for Eli Lilly’s recent sickness. The remedy of course was our trusty
friend the 1,2,3 who always seems to show up when stocks look their worst. With
secondary help from another ol’ buddy, the Slim Jim, we knew we were in good
company with Eli Lilly.
Chris Tyler
Â