LLY to follow NVO ? A bearish Head & Shoulders in NYSE:LLY weekly chart (as well in daily chart).
NYSE:LLY last move is stuck under a downtrend line (in white) which forms the right shoulder.
In addition, the head part forms another bearish pattern - a double top.
If the head & shoulders forms is applied, NYSE:LLY may go down to its support level at $433.
The entire healthcare sector looks bad at the moment and NYSE:LLY 's rival NYSE:NVO has already formed and applied a head and shoulders pattern.
Will NYSE:LLY follow NYSE:NVO ? time will tell but the writing is on the wall.