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Possible Bearish Inside Day Candle Pattern Detected for Merck & Co (NYSE:MRK)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Merck & Co (NYSE:MRK) based on the price action in the company's shares. Today's price range of $74.62 and $75.07 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Merck & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Merck & Co (NYSE:MRK) defies analysts with a current price ($74.91) 7.4% above its average consensus price target of $69.33. The stock should discover initial support at its 50-day moving average (MA) of $70.88 and subsequent support at its 200-day MA of $62.53.

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

In the past 52 weeks, shares of Merck & Co have traded between a low of $52.83 and a high of $75.33 and are now at $74.91, which is 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend is monitoring the recent change of momentum in Merck & Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Merck & Co in search of a potential trend change.

Keywords: bearish inside day candle Merck & Co

Ticker(s): MRK