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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Thermo Fisher Scientific (NYSE:TMO) based on the price action in the company's shares. Today's price range of $156.70 and $157.80 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. Traders and investors interested in shares of Thermo Fisher Scientific may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Based on a current price of $157.38, Thermo Fisher Scientific is currently 3.0% above its average consensus analyst price target of $152.67. The stock should discover initial support at its 50-day moving average (MA) of $141.44 and subsequent support at its 200-day MA of $134.04.

In the past 52 weeks, Thermo Fisher Scientific share prices have been bracketed by a low of $117.10 and a high of $160.68 and are now at $157.38, 34% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

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

Keywords: bullish inside day candle thermo fisher scientific

Ticker(s): TMO