Watch These Eli Lilly Price Levels as Stock Slumps on Tepid Sales Outlook

Company Performance and Revenue Forecast - Eli Lilly lowered its 2024 full-year revenue forecast, leading to a sharp decline in its stock price [1] - Sales of flagship weight-loss drugs Mounjaro and Zepbound grew slower than expected in Q4 2023, despite anticipated acceleration in H1 2024 [1] - The company reported Q3 2023 sales of these drugs below Wall Street's expectations, raising concerns about moderating demand [4] Stock Price Analysis and Technical Levels - Eli Lilly shares climbed 32% in 2023 but have slumped more than 16% since October 2023 [4] - Key support levels to watch are around $720 and$625, with potential entry points near these levels [5] - Important overhead resistance areas to monitor are near $860 and$965, with potential selling pressure in these regions [3][6] - The stock staged a decisive breakdown below the lower trendline of a symmetrical triangle and the 50-day MA, indicating further short-term downside potential [8][10] Market Sentiment and Trading Volume - The breakdown below the symmetrical triangle occurred on the highest trading volume day in more than two months, signaling strong selling conviction [8] - The stock could remain under scrutiny following the lowered revenue forecast and concerns about demand for its weight-loss drugs [10]