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LLY is setting up well for a fresh rally leg.  The stock is sitting just above solid support near its 200D moving average.  Also nearby is the April lows.  We consider LLY a low risk buy near current levels.  A close below $113.00 would be a clear warning sign.  If the stock can continue to gain traction in the near term, and close above last week’s high, it has plenty of room to run.  The daily MACD has remained in oversold territory for nearly a month.

At time if publication we are long LLY in some managed accounts.