• Return to Headlines

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. Yesterday's price range of $294.15 and $296.83 is within the prior day'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.

In the past 52 weeks, shares of Thermo Fisher have traded between a low of $208.34 and a high of $305.45 and closed yesterday at $295.33, which is 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has declined 0.2%.

Thermo Fisher (NYSE:TMO) is currently priced 18.4% above its average consensus analyst price target of $240.86. The stock should discover initial support at its 50-day moving average (MA) of $284.45 and subsequent support at its 200-day MA of $265.16.

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.

SmarTrend recommended that subscribers consider buying shares of Thermo Fisher on August 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $282.78. Since that recommendation, shares of Thermo Fisher have risen 5.3%. We continue to monitor TMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Thermo Fisher

Ticker(s): TMO