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Possible Bearish Inside Day Candle Pattern Detected for Mckesson Corp (NYSE:MCK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mckesson Corp (NYSE:MCK) based on the price action in the company's shares. Today's price range of $144.00 and $145.43 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 Mckesson Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise. In addition, McKesson offers analytic, care management, and patient solutions for payers.

In the past 52 weeks, shares of Mckesson Corp have traded between a low of $106.11 and a high of $148.23 and are now at $145.43, which is 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.

Potential upside of 23.3% exists for Mckesson Corp, based on a current level of $145.43 and analysts' average consensus price target of $179.25. The stock should discover initial support at its 50-day moving average (MA) of $130.78 and subsequent support at its 200-day MA of $125.09.

SmarTrend recommended that subscribers consider buying shares of Mckesson Corp on June 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.10. Since that recommendation, shares of Mckesson Corp have risen 8.9%. We continue to monitor MCK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle McKesson Corp

Ticker(s): MCK