MRK pops to highest close since December 3, 2018
Merck & Company Inc. (MRK) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MRK finished Wednesday at 79.02 gaining $0.50 (0.64%), slightly outperforming the Dow Indu. (0.46%). Today's close at 79.02 marks the highest recorded closing price since December 3, 2018. Closing above Tuesday's high at 78.93, the market confirmed its breakout through the previous session high after trading up to $0.24 above it intraday.
Daily Candlestick Chart (MRK as at Feb 13, 2019):
Wednesday's trading range has been $0.72 (0.92%), that's far below the last trading month's daily average range of $1.32. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for MRK.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 31, 2018, MRK actually lost -1.07% on the following trading day.
Prices are trading close to the key technical support level at 78.38 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2018's high at 80.19 is within reach and we could see further upside momentum should Merck & manage to break out beyond.