Eli Lilly and Co. (LLY) is ready for an upside breakout. Prices have been trading in a tighter and tighter trading range the past four weeks. This kind of consolidation pattern is called an equilateral triangle and they tend to breakout about 2/3 to 3/4 of the way through the pattern. In other words the apex is not usually reached.
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The move we're seeing is tough for underinvested bulls that need entry points and even tougher for bears that are trying to fight the strength.
Let's examine the charts and indicators to see if the correction in LRCX has run its course.
I understand and appreciate all the reasons that support a bearish view, but I will follow the price action until it starts to shift.