MRK finds buyers at key support level
Merck & Company Inc. (MRK) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
MRK finished Thursday at 59.07 losing $0.68 (-1.14%). Today's closing price of 59.07 marks the lowest close since May 10th. Closing below Wednesday's low at 59.11, the share confirms its breakout through the previous session's low having traded $0.23 below it intraday.
Daily Candlestick Chart (MRK as at May 17, 2018):
Thursday's trading range was $0.90 (1.51%), that's slightly below last trading month's daily average range of $1.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 58.88 during the day, the stock bounced off the key support level at 58.93. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 60.01 where further buy stops might get activated.