Red-Hot Eli Lilly Stock Has Room to Run

LLY reached an all-time high earlier this month

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Drug stock Eli Lilly and Co (NYSE:LLY) scored a July 6 all-time high of $332.74. However, LLY could still have room to run, with support in place at the $320 area, the +10% year-to-date level, and its 80-day moving average. Eli Lilly shares have also taken out potential short-term trendlines of resistance stemming from a late-May high.

Plus, now looks like a great time to consider options, as LLY’s Schaeffer’s Volatility Scorecard (SVS) sits at 97 out of 100, implying Eli Lilly stock tended to beat options traders’ volatility expectations in the past. 

Todd is the Senior Vice President of Research at Schaeffer’s Investment Research and has been with the research firm since 1993. Mr. Salamone is a graduate of The Ohio State University with a double major in finance and insurance and risk management. He has over 25 years of options trading experience, emphasizing technical and sentiment analysis in his equity, broad market and sector research. Mr. Salamone is the author of Schaeffer’s Monday Morning Outlook, and he has been interviewed on CNBC, Bloomberg Television, Fox Business Network and quoted in several national media outlets such as The Wall Street Journal, Reuters, the Associated Press and others. Todd has trained tens of thousands of traders to be successful options traders.

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