Watch for Merck to Potentially Rebound After Falling 1.13% Yesterday
Merck (NYSE:MRK) traded in a range yesterday that spanned from a low of $58.72 to a high of $59.49. Yesterday, the shares fell 1.1%, which took the trading range below the 3-day low of $59.25 on volume of 4.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, Merck has traded in a range of $45.69 to $61.70 and is now at $59.08, 29% above that low. 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 recommended that subscribers consider buying shares of Merck on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $52.34. Since that recommendation, shares of Merck have risen 13.9%. We continue to monitor MRK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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