Eli Lilly & Co (LLY) surged higher Tuesday trading after the company said a key cancer drug succeeded. The stock jumped almost 20%, hitting a 52 week high of $167.43. While a major move, the stock may continue to advance higher in the coming days. This is because the Eli Lilly max move level has not been hit yet. This maximum extension can be seen by connecting the major pivot high October 2018 through the March 2019 highs that connect perfectly to the high from April 2020. This trend line extends to a likely Eli Lillly max move target of $169-$170. As a swing trader, I will be looking to short Eli Lilly at this price point.
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