NEW YORK (Real Money) -- Lilly (LLY) - Get Report is moving further into new 52-week-high territory.

The stock began this impressive move with a short-term trendline break a week ago. LLY got a big bump two days later with a news-inspired (Hanmi joint venture) surge that carried shares 3.8% higher.

This high-momentum action carried shares past the January peak on Thursday and well past the 2014 high as the week came to a close. Friday's 2.5% rally attracted extremely heavy trade, the stock's heaviest volume day since last June.

In the near term, LLY is getting a bit extended as the Hanmi momentum appears to be fading. A healthy pullback, well deserved following a 13% rally off this month's low, may be on the horizon. A fade back down to the $75 to $73.50 area would work off some of the over-enthusiasm and offer a low-risk entry opportunity for patient bulls.

The very bullish trend that began shortly after LLY retested the January low three weeks ago will remain intact following a pullback.

Meanwhile, Amgen (AMGN) - Get Report is headed for a pullback. The stock's eight-day winning streak will come to an end today.

AMGN has been on a tear since bottoming near $153 two weeks ago. With Friday's high-volume gain, the stock had extended the rally off this key level to over 12%. Despite this aggressive buying, the stock was unable to challenge the 2014 peak of $173, and by the close the stock had given back more than half of Friday's move.

With today's dip, the stock may have left behind a spike high, at least in the short term. Fortunately for AMGN bulls, multiple layers of support are in place. A drift down to the January high, initial March peak, would be a low-risk buying opportunity. This solid support zone runs from $162.75 to $161.50. Amgen will need to build a healthy base here before clearing the 2014, and now this month's high, just above $173.

Editor's Note: This article was originally published at 2:48 p.m. EDT on Real Money on March 23.

At the time of publication, Morrow was long XXX OR had no positions in the stocks mentioned.

Gary Morrow is president of Yosemite Asset Management, LLC, a registered investment advisory firm in San Luis Obispo, Calif. He manages individual accounts through Charles Schwab and runs a long/short hedge fund. Prior to forming Yosemite, Morrow spent 12 years on the floor of the Chicago Mercantile Exchange trading foreign currency and interest rate futures. He holds a bachelor's degree in economics from Ripon College.