• Return to Headlines

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

By Nick Russo

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 $82.76 and $82.76 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., 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.

Over the past year, Merck & Co has traded in a range of $52.83 to $83.17 and is now at $82.76, 57% above that low. The 200-day and 50-day moving averages have moved 0.61% higher and 0.68% higher over the past week, respectively.

Based on a current price of $82.76, Merck & Co is currently 16.2% above its average consensus analyst price target of $69.33. Merck & Co shares have support at the 50-day moving average (MA) of $78.17 and additional support at the 200-day MA of $71.60.

SmarTrend recommended that subscribers consider buying shares of Merck & Co on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.18. Since that recommendation, shares of Merck & Co have risen 8.9%. We continue to monitor MRK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Merck & Co

Ticker(s): MRK