Here’s some Drug Manufacturing stocks that are in some nice patterns. $MRK $LLY – July 14, 2022LLY MRK
This is Scott with your Chart of the Day. I want to take a look at two drug manufacturers, as drug manufacturers have really held up well throughout this last couple of weeks.
You can see Eli Lilly ( NYSE: LLY ), here on the screen, is above all the key moving averages. If I look at MRK ( NYSE: MRK ), which I saw was mentioned on CNBC a couple of days ago, it too is above some key moving averages here. So I think these are definitely stocks you want to watch.
And LLY ( NYSE: LLY ) caught my eye today because we ended up having higher than average volume. A nice move right off that 21-day exponential period moving average. At this point, it is a little extended based on today’s individual move.
And so I would probably want to watch this consolidate a little more, maybe print a few inside days. And then move above and close above that 331.00 level coming on higher than average volume. So maybe have an alert just below the pivot, maybe around 331.48. And then you will want to see a strong close above that level coming on higher than average volume.