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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Merck & Co (NYSE:MRK) based on the price action in the company's shares. Yesterday's price range of $78.83 and $79.95 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 Merck & Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $79.98, Merck & Co is currently 13.3% above its average consensus analyst price target of $69.33. Merck & Co shares should encounter resistance at the 200-day moving average (MA) of $83.84 and support at the 50-day MA of $78.45.

Over the past year, Merck & Co has traded in a range of $65.25 to $92.64 and closed yesterday at $79.98, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

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.

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: bullish am inside day candle Merck & Co

Ticker(s): MRK