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

By David Diaz

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 $78.01 and $78.01 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.

Over the past year, Merck & Co has traded in a range of $56.26 to $83.85 and is now at $78.01, 39% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.4%.

Based on a current price of $78.01, Merck & Co is currently 11.1% above its average consensus analyst price target of $69.33. The stock should find resistance at its 50-day moving average (MA) of $79.98, as well as support at its 200-day MA of $74.59.

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.

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