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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Merck (NYSE:MRK) based on the price action in the company's shares. Today's price range of $52.54 and $52.78 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Merck (NYSE:MRK) has potential upside of 18.4% based on a current price of $52.71 and analysts' consensus price target of $62.39. Merck shares should encounter resistance at the 200-day moving average (MA) of $53.77 and support at the 50-day MA of $50.99.

Merck & Co., Inc. is a global pharmaceutical company that discovers, develops, manufactures, and markets a broad range of human and animal health products. Merck's products include a treatment for elevated cholesterol, a treatment for male pattern hair loss, a preventive treatment for osteoporosis, a treatment for hypertension, and a treatment for allergic rhinitis.

Over the past year, Merck has traded in a range of $45.69 to $61.70 and is now at $52.71, 15% above that low. The 200-day and 50-day moving averages have moved 0.22% lower and 0.04% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Merck and will alert subscribers who have MRK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Merck

Ticker(s): MRK