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

By David Diaz

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 $293.69 and $293.69 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.

Based on a current price of $293.69, Thermo Fisher is currently 18.0% above its average consensus analyst price target of $240.86. Thermo Fisher shares have support at the 50-day moving average (MA) of $281.89 and additional support at the 200-day MA of $255.77.

Thermo Fisher Scientific Inc. provides analytical instruments, equipment, reagents and consumables, software, and services for research, manufacturing, analysis, discovery, and diagnostics under the Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services brands worldwide.

In the past 52 weeks, Thermo Fisher share prices have been bracketed by a low of $207.97 and a high of $305.45 and are now at $293.69, 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.4%.

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

Keywords: bearish inside day candle Thermo Fisher

Ticker(s): TMO