An Interesting Development On Elanco Animal Health Incorporated (ELAN)’s Chart

The stock of Elanco Animal Health Incorporated (NYSE:ELAN) has been Downgraded to Neutral from Buy by BofA/Merrill in its latest research note that was published on August 26. ELAN was given a price target of$30 by BofA/Merrill, with other Wall Street analysts also giving their reports regarding the stock. UBS analysts bumped their recommendation on ELAN stock from Sell to Neutral in a separate flash note to investors on August 15.

Elanco Animal Health Incorporated, which has current market capitalization of above $10 Billion, published its last quarter earnings on June 30, 2019.

ELAN surged by $1.43 during the normal trading session on Friday and reaching a high of $27.92 during the day while it closed the day at $27.35. The Elanco stock had a high trading volume of 6.93 million shares on that day, which is high compared to the average daily volume of 3.47M shares. ELAN has also gained 5.48% of its value over the past 7 days. However, the stock has declined by 16.34% in the 3 months of the year. Over the past six months meanwhile, it has lost 6.97% while it has lost 13.26% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -22.87% from its 3 months high price. However, taking another look at ELAN will indicate that it is trading +7.21% away from its 90-day low. Looking at the bigger picture, the Elanco Animal Health Incorporated stock has dropped by -27.28% from its 52-week high while it has surged by +7.21% from its 52-week low price.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 18.93%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 31.32%. Over the past 20 days, Elanco’s Stochastic %K stood at 18.92% while its Stochastic %D was revealed to be 12.33%.