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Possible Bearish Inside Day Candle Pattern Detected for Thermo Fisher (NYSE:TMO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Thermo Fisher (NYSE:TMO) based on the price action in the company's shares. Today's price range of $213.72 and $215.90 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 Thermo Fisher 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, Thermo Fisher has traded in a range of $170.07 to $226.44 and is now at $215.78, 27% above that low. The 200-day and 50-day moving averages have moved 0.22% higher and 0.11% higher over the past week, respectively.

Potential upside of 11.6% exists for Thermo Fisher, based on a current level of $215.78 and analysts' average consensus price target of $240.86. The stock should find initial support at its 50-day moving average (MA) of $211.86 and further support at its 200-day MA of $204.99.

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

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

Keywords: bearish inside day candle Thermo Fisher

Ticker(s): TMO