- Posted by Greg Harmon
- on January twenty ninth, 2024
Here is your Bonus Idea with hyperlinks to the complete Top Ten:
Eli Lilly, $LLY, comes into the week approaching the all-time excessive set 2 weeks in the past. It has an RSI holding within the bullish zone with the MACD leveling after a pullback and constructive. There isn’t any resistance above 644. Support decrease sits at 621 and 603. Short curiosity is low below 1%. The inventory pays a dividend with an annual yield of 0.81% and can begin buying and selling ex-dividend February 14th. The firm is predicted to report earnings subsequent on February sixth.
The February 9 Expiry choices chain recommend a transfer of about $43 between now and expiry, or 6.7%. The February chain exhibits largest open curiosity on the 600 strike put then 550 and 580. On the decision facet it’s largest on the 620 strike however intently adopted by 600 and 650. The March chain has open curiosity unfold from 550 to 600 on the put. facet and from 600 to 700 on the decision facet. April choices have largest open curiosity on the 570 put and 700 name strikes.
Eli Lilly, Ticker: $LLY
Trade Idea 1: Buy the inventory on a transfer over 645 with a cease at 620.
Trade Idea 2: Buy the inventory on a transfer over 645 and add a February 9 Expiry 625/595 Put Spread ($9.50) whereas promoting the February 9 Expiry 675 Call (8.50).
Trade Idea 3: Buy the February/March 680 Call Calendar ($6.10) and promote the February 590 Put ($5.85).
Trade Idea 4: Buy the April 590/650/700 Call Spread Risk Reversal ($4.20).
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After reviewing over 1,000 charts, I’ve discovered some good setups for the week. These have been chosen and ought to be considered within the context of the broad Market Macro image reviewed Friday which with simply 3 buying and selling days left in January, fairness markets look prepared to complete the month greater.
Elsewhere search for Gold to proceed its pullback whereas Crude Oil reverses greater. The US Dollar Index seems to float sideways in consolidation whereas US Treasuries proceed their downtrend. The Shanghai Composite seems to increase the bounce to the upside whereas Emerging Markets proceed in consolidation.
The Volatility Index seems to stay very low and steady making the trail simpler for fairness markets to the upside. The charts of the SPY and QQQ look robust, particularly on the longer timeframe. On the shorter timeframe each the QQQ and SPY might find yourself rolling over to reset momentum measures as each are prolonged. If that occurs it is likely to be time for the IWM to lastly take the lead and take a look at the 20 month channel consolidation. Use this data as you put together for the approaching week and commerce’em effectively.
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The data on this weblog publish represents my very own opinions and doesn’t comprise a advice for any explicit safety or funding. I or my associates might maintain positions or different pursuits in securities talked about within the Blog, please see my Disclaimer web page for my full disclaimer.
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