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Possible Bearish Inside Day Candle Pattern Detected for Merck & Co (NYSE:MRK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Merck & Co (NYSE:MRK) based on the price action in the company's shares. Today's price range of $86.72 and $87.13 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 Merck & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

Over the past year, Merck & Co has traded in a range of $72.05 to $92.64 and is now at $86.85, 21% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Merck & Co (NYSE:MRK) is currently priced 20.2% above its average consensus analyst price target of $69.33. Merck & Co shares should encounter resistance at the 50-day moving average (MA) of $88.81 and support at its 200-day MA of $84.12.

SmarTrend is tracking the current trend status for Merck & Co and will alert subscribers who have MRK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Merck & Co

Ticker(s): MRK