Watch These Eli Lilly Price Levels as Stock Sets Record High on Trial Results

Core Insights - Eli Lilly shares reached a record high following the announcement of successful clinical trials for tirzepatide, which significantly reduced the risk of developing type 2 diabetes in patients [1][2] - Sales of Mounjaro and Zepbound exceeded Wall Street estimates, contributing to an 18% increase in Eli Lilly's shares this month [2] - The stock has been trading within a broadening wedge pattern since May last year, with key support and resistance levels identified [3] Price Levels Analysis - Support Levels: Key support is observed around $885, which aligns with the upward sloping 50-day moving average. A more significant support level is at $790, where buying interest may emerge [4] - Resistance Levels: Initial resistance is noted at $950, close to the stock's record close from mid-July. A further resistance level is at $1,000, where the stock may face challenges due to psychological factors and the upper trendline of the broadening wedge [5] Trading Activity - Recent trading saw Eli Lilly shares increase by 0.4% to $954.01 in premarket trading, with an all-time intraday high of $967 reached [3] - The recent price movements occurred on above-average volume, indicating renewed institutional interest despite a downward trend in share turnover over the past week [3]