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

By Shiri Gupta

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 $75.97 and $76.96 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.

Merck & Co (NYSE:MRK) defies analysts with a current price ($76.40) 9.2% above its average consensus price target of $69.33. Merck & Co shares should first meet resistance at the 50-day moving average (MA) of $77.74 and find additional resistance at the 200-day MA of $83.67.

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.

In the past 52 weeks, shares of Merck & Co have traded between a low of $65.25 and a high of $92.64 and closed yesterday at $76.40, which is 17% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

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