Eli Lilly declines in extremely volatile session - Analysis - 02-11-2022

Eli Lilly's stock (LLY) declined in the intraday levels after the pharmaceutical company cut down its profts outlook for 2022, while still reporting strong results in the third quarter, with the stock declining 2.63% in the last volatile session, or 9.51 points, settling at 352.58, with trading volumes surpassing 7 million shares, above 10-day averages of 3.2 million shares.

Technically, the stock is collecting recent profits while venting off overbought saturation in the RSI with negative signals out of them, gathering positive momentum to rebound, amid the dominance of the main upward trend in the medium and short terms, coupled with positive support from the 50-day SMA.

Therefore we expect the stock to return higher, targeting the resistance of 363.92 anew, provided it settles above 334.52. 

Expected trend for today: Bullish