LLY, NVO and AMGN Forecast – Pharma Stocks to Open Mixed

LLY Technical Analysis

Eli Lily looks like it’s going to open up a little bit lower than it closed on Thursday of last week. And with that being said, this is a market that will more likely than not find more of a buy on the dip scenario. The 50 day EMA and the 200 day EMA indicators sit below, offering a bit of support, and of course, the gap on Thursday was in reaction to Eli Lily stating that they were going to produce the most recent weight loss drug in the United States. That way, they can avoid the tariffs, and of course, Wall Street likes that in this current environment.

NVO Technical Analysis

Novo Nordisk looks like it’s going to open on Monday right about where it closed on Thursday, but this stock has been in a freefall for some time. That being said, somewhere between $58 and $50, there is a band of massive support, so we have basically made a round trip from the massive shot higher in 2022. In other words, there should be interest here.

That being said, you don’t necessarily want to be the first trader trying to get long of this stock. Let it spend some time here and see whether or not we find enough support to start making an argument for a turnaround. The next earnings call of course is the 7th of May. So, we have a couple of weeks before that catalyst.

AMGN Technical Analysis

Amgen looks like it’s going to open up the Monday session a little lower than it closed on Thursday. But when you zoom out, you can see that between here and the $250 level, there is more likely than not a pretty significant amount of support. So, with that being said, we’ll have to wait and see if we can find buyers. But as we kick off the trading session, it looks very much to me like a market that is going to go sideways and try to sort itself out, see if we get enough support. Furthermore, indices themselves look like they are falling pretty significantly in early market trading, so some of what we are seeing in these stocks might just be a reflection of that.

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