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Eli Lilly (LLY) Just Reclaimed the 50-Day Moving Average
Eli Lilly (LLY - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, LLY broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Over the past four weeks, LLY has gained 5.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at LLY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on LLY for more gains in the near future.