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

By Shiri Gupta

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 $313.66 and $316.88 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.

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.

Thermo Fisher (NYSE:TMO) is currently priced 23.6% above its average consensus analyst price target of $240.86. The stock should discover initial support at its 50-day moving average (MA) of $306.18 and subsequent support at its 200-day MA of $301.32.

Thermo Fisher share prices have moved between a 52-week high of $342.26 and a 52-week low of $250.21 and closed yesterday at 26% above that low price at $315.32 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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

Keywords: bearish am inside day candle Thermo Fisher

Ticker(s): TMO