NVO, LLY and AMGN Forecast – Pharma Stocks Look Mixed in Premarket

NVO Technical Analysis

Novo Nordisk has a little bit of a positive tone to it in pre-market trading on Friday, as we continue to dance around the 50-day EMA, but you can see this has been a brutal sell-off over the last couple of months. With that being said, the most recent earnings call was a little better than anticipated, so that might help.

But technically speaking, we have a huge gap that remains unfilled all the way to the $105 level. And if we can really start to pick up momentum perhaps breaking above the $95 level, you could see Novo Nordisk go looking to the $105 region rather quickly. On the other hand, if we do pull back, there is plenty of spongy support between here and $80.

LLY Technical Analysis

Eli Lilly looks like it’s going to open up just a touch lower during the pre-market trading on Friday as we continue to consolidate overall. I think you’ve got a scenario where traders are just simply looking for some type of reason to get moving, but they just don’t have it quite yet. All things being equal, if we can break above the $930 level, then I think it allows the market to go looking to the $960 level. And based on the previous trend, that would be, I believe, what you would expect to happen.

AMGN Technical Analysis

And finally, Amgen looks like it’s going to open up just a touch under its closing price of last session, but that being said, I think it’s also obvious that short-term pullbacks will more likely than not be buying opportunities, especially near the $309 level, and then of course the $300 level. The $328 level above lets us swing high. And that might be where we’re trying to squeeze towards. Short-term pullbacks, again, though, I think, are buying opportunities in Amgen.