ELI LILLY Is starting its next big rally.

Eli Lilly (LLY) is about to test its 1W MA50 (blue trend-line) following a rebound just below the 1W MA100 (green trend-line). The latter, has been the ultimate market Support since May 2018 (last time it broke below it).

The overall correction since the July 15 2024 High seems like a Bull Flag pattern, no different than all the others after 2018 which only served as healthy rebalancing of an overbought price action.

Based on he 1W RSI in particular and the Bullish Divergence it displayed, the current Bull Flag resembles more the March - October 2019 pattern. Both that and the next one reached their 2.0 Fibonacci extensions.

As a result, our long-term Target on LLY is just below the 2.0 Fib at $1300.

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