• Return to Headlines

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

By David Diaz

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 $59.52 and $59.98 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 & 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.

Merck has overhead space with shares priced $59.66, or 4.4% below the average consensus analyst price target of $62.39. Merck shares have support at the 50-day moving average (MA) of $53.97 and additional support at the 200-day MA of $53.26.

In the past 52 weeks, Merck share prices have been bracketed by a low of $45.69 and a high of $64.86 and are now at $59.66, 31% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

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

Keywords: bearish inside day candle Merck

Ticker(s): MRK