Is Eli Lilly Pulling Back Into a Possible Area of Value?Eli Lilly and CompanyBATS:LLYDukesMarketAnalysisWeekly Support Back in Play After reaching a fresh all-time high at $1,292.65, Eli Lilly has pulled back into the important weekly support zone around $1,100. This is an area we highlighted back in July as one to watch on any meaningful pullback. Primary Trend Remains Strong Price remains comfortably above the bullishly crossed 100/50-week EMAs. Both averages have supported the broader rise since 2018, keeping the primary trend firmly to the upside. Selling Volume Is Decreasing Volume has been falling as price pulls back towards support. For now, that suggests sellers are not becoming increasingly aggressive as LLY moves lower. Bearish Divergence Still a Warning There is bearish RSI divergence on both the weekly and daily timeframes. RSI does remain above 50, but the divergence means bulls should not completely dismiss the possibility of further weakness. Momentum Is Oversold StochRSI has now dropped into oversold territory. With price simultaneously testing weekly support, this is an interesting area to see whether buyers begin stepping back in. What Bulls Need Next A break above the end-of-August high at $1,188.33 would strengthen the case that the current pullback is ending. That would bring the recent highs and potentially the $1,292.65 all-time high back into focus. In Summary Eli Lilly has pulled back into the $1,100 weekly support zone after reaching a fresh all-time high, potentially offering an interesting area of value within the broader uptrend. The bullishly crossed 100/50-week EMAs remain supportive and selling volume is decreasing, although bearish RSI divergence still warrants some caution. If buyers step back in, a break above $1,188.33 would strengthen the case for the pullback ending and put the highs back in focus.