Eli Lilly regains footing - Analysis - 23-09-2022

Eli Lilly and Company's stock (LLY) surged in the last session after the pharmaceutical company said there's a potential drug for diabetes from Mounjaro, might be the biggest drug at all, with expected profits of $25 billion a year, sending the stock 4.85% higher, or 14.39 points, settling at 310.87, with trading volumes surpassing 6 million shares, above 10-day averages of 2.7 million shares. 

Technically, the main upward trend dominates in the medium and short terms, with positive signals from the RSI, while seeking a bottom to bounce it higher anew, leaning on the pivotal support of 296.50.

Therefore we expect more gains for the stock, targeting the pivotal resistance of 334.50, provided the support of 296.50 holds on.

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Expected trend for today: Bullish