Bearish DailyPlay for Wednesday Nov 16th, 2016 – Eli Lilly (LLY)
The bearish DailyPlay we chose for Tuesday Nov 16th is Eli Lilly (LLY). LLY is part of the Healthcare Sector (XLV). Over the last month, XLV has experienced a 1.44% move higher but its 6m trend turned bearish on 11/11 but recently broke below its $71 support level.
Eli Lilly’s 6m trends turned bearish on 11/11 and recently broke below its $78 support level on high volume. With a technical score of 3 (out of 10), LLY looks positioned to continue this strong bearish trend lower.
As a stop loss, if LLY was to trade above $78 for multiple days, this would invalidate our analysis and suggest getting out of the trade.