Eli Lilly is due to report quarterly earnings tomorrow, it is expected to report earnings of $1.69 on revenue of $6.84bn.

Taking a look at Eli Lilly as the company is expected to report its quarterly earnings tomorrow. Currently, its share price sits around $373.62 a share, we can see the bullish momentum from the beginning of March to now has created gains and moved above the previous resistance level. We can see that a retracement is happening as the price has slightly dipped today. The retracement may be due to the reason that the stock was trading in overbought conditions and due to profit taking. Support below now sits at $367.31 followed by $363.64. A break below $364.64 could see the price decline further towards the upper ascending trendline. Resistance now sits at $376.22 followed by the recent high of $390.38, which can be classed as the next tough level the price of the stock will need to overcome in order to grow further. Looking at the technical indicators, MACD was positive but now indicates a neutral stance with the potential of turning negative. RSI was indicating overbought conditions and as a result, faltered, still positive as it reads 58.