LLY in bullish channel
At the beginning of February, LLY – Eli Lilly & Co. - moved above the two local blue resistance lines. Following that, the bulls proved very strong and pushed price aggressively up just below a steep upper Bollinger Band.
Of course, LLY’s 20- and 50- day exponential moving averages are also trending up and diverging from each other as momentum gets stronger.
This uptrend has been followed by heavy volume, which indicates the buyers’ interest and appetite.
This bullish momentum has been depicted in both MACD, that is moving up and above its signal line, and in LLY’s Relative Strength that is also moving up and above its 20-day exponential moving average