The technical picture worsened for Eli Lilly stock in December as it completed a pattern known as a “Death Cross”. This pattern is drawn when a stock’s 50-day moving average breaks below its 200-day moving average. A Death Cross typically forecasts another 4-6 months of selling pressure for a stock.

Eli Lilly shares could remain under the microscope on Wednesday after falling sharply Tuesday as the pharmaceutical giant lowered its 2024 full-year forecast. Monitor these key price levels.

Eli Lilly cut its outlook for fourth-quarter revenue citing sluggish growth in the market for incretin, which increases insulin levels.