Trade Alert - Eli Lilly High Volume

Published on Wednesday, 18 August 2010 11:43 Written by Christopher Lynn

New York, August 18th (TradersHuddle.com) - Unusual high volume detected on shares of Eli Lilly & Co. (NYSE:LLY), early in the trading session. Eli Lilly is currently trading higher by 0.4%, so definitely the buyers stepping in, as the stock's volume is already above average.

Eli Lilly (NYSE:LLY) principal activities are to develop, manufacture and market pharmaceutical-based health care solutions. The company specializes in research and development, production and marketing of products for the treatment of diabetes worldwide, such as insulin and insulin delivery devices.. Some of the company's patents include Zyprexa, Prozac, Permax, Humulin, Evista, Humalog, Humatrope, Vancocin, Keflex, Nebcin , Lorabid, Gemzar, Tylan, and Rumensin.

Eli Lilly has already traded 1.176 times its 3-month average volume, and has calculated support and resistance at $32.82 and $37.92 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.18% from its previous trading close, which means that Eli Lilly stock is outperforming the overall market.