Eli Lilly (LLY) shares could remain under the microscope on Wednesday after falling sharply in trade on Tuesday as the pharmaceutical giant 澳洲幸运5官方开奖结果体彩网:lowered its🧸 2024 full-year revenue forecast.

While the drugmaker said it anticipates sales of its flagship weight-loss drugs Mounjaro and Zepbound🃏 to accelerate as it ramps up production in the first half of this year, it noted that they grew slower than expected in the fourth quarter.

Eli Lilly shares climbed 32% last year but have slumped more than 16% since October after the company reported third quarter sales of the two drugs below Wall Street’s expectations, prompting concerns about moderating demand.

Below, we take a closer look at Eli Lilly's chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to id🌜entify several key price levels worth watching out for.

Symmetrical Triangle Breakdown

Since falling below the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) in late October last year, Eli Lilly shares have consolidated within a textbook 澳洲幸运5官方开奖结果体彩网:symmetrical triangle.

On Tuesday, the stock staged a decisive 澳洲幸运5官方开奖结果体彩网:breakdown below the pattern’s lower trendline and 50-day MA, opening the door to further short-term downside. Importantly, the move occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume day in more 💃than two months, indicating conviction behind the selling.

Let’s point out two key 澳洲幸运5官方开奖结果体彩网:support levels to watch if the stock continues its decline, and also identify several important overhead areas to monitor during 澳洲幸运5官方开奖结果体彩网:countertrend rallies.

Key Support Levels to Watch

The first lower level to watch sits around $720. Investors could look for 澳洲幸运5官方开奖结果体彩网:entry points in this area near a trඣendline that connects a range of comparable price points on the chart from February to November laꦏst year.

A close below this level could trigger a larger decline to around $625, a location on the chart where the shares may encounter support near the prominent October and November 2023 澳洲幸运5官方开奖结果体彩网:swing highs.

Interestingly, this region sits slightly above a 澳洲幸运5官方开奖结果体彩网:price target projected🍒 by a bars pattern, looking at a downtrend in the stock that immediately preceded the symmetrical triangle and repositioning it from the breakdown point.

Important Overhead Areas to Monitor

During upswings, investors should keep an eye on the $860 level. The shares could run into overhead 澳洲幸运5官方开奖结果体彩网:resistance in this area near the top of the symmetrical triangle, which also closely aligns with a range of 澳洲幸运5官方开奖结果体彩网:price action on the chart dating back to mid-July.

Finally, a longer-term bullish reversal could see Eli Lilly shares climb to around $965. Investors may look to unload the stock in this region near the pronounced July and August swing highs that formed a 澳洲幸运5官方开奖结果体彩网:double top pattern on the chart.

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As of the date this article was written, the author does not own any of the above securities.