Chart of Day: This Weakness is an Opportunity

You are receiving this email because you are subscribed to Daily Guru Trades. If you no longer wish to receive these emails, please unsubscribe here. Keep an eye on oversold shares of Eli Lilly (SYM: LLY). After gapping from about $908 to $806.14, the stock appears to have caught support. It’s also overextended on RSI, MACD and Williams’ %R at the moment. From its last traded price of $806.14, we’d like to see it initially refill its bearish gap at around $908. Helping, Morgan Stanley just reiterated that LLY is a top pick following the Obesity Week conference. “While the GLP-1 class continues to dominate much of the commercial/pipeline development, at the conference there was increasing discussion about the next wave of mechanisms, including amylin,” said the firm, as quoted by CNBC. In addition, it looks like 2024 outlook negativity has been priced into its pullback. “Although the revenue guidance range was changed modestly to $45.4B to $46B from $45.4B to $46.6B, non-GAAP EPS is now seen at $13.02 to $13.52, down from $16.10 to $16.60,” according to Seeking Alpha. In short, investors may want to use weakness in LLY as an opportunity. Did you miss yesterday's Chart of the Day? Click here to see it now. DC2 Publishing LLC 4260 NW 1st Avenue Suite # 55 Boca Raton, FL 33431 – 4264 Daily Guru Trades Copyright © 2023 Daily Guru Trades, All rights reserved. You are receiving this email as part of your subscription to Daily Guru Trades. If you have any questions, please contact us at support@dailygurutrades.com. Daily Guru Trades is a newsletter offered to the public on a subscription basis. 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