• Return to Headlines

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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mckesson Corp (NYSE:MCK) based on the price action in the company's shares. Yesterday's price range of $134.29 and $136.35 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. Traders and investors interested in shares of Mckesson Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Over the past year, Mckesson Corp has traded in a range of $111.90 to $172.18 and closed yesterday at $135.22, 21% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has remained constant.

Mckesson Corp has overhead space with shares priced $135.22, or 24.6% below the average consensus analyst price target of $179.25. The stock should run into initial resistance at its 50-day moving average (MA) of $141.45 and subsequent resistance at its 200-day MA of $142.59.

SmarTrend is tracking the current trend status for Mckesson Corp and will alert subscribers who have MCK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle McKesson Corp

Ticker(s): MCK