MRK finds buyers at key support level


Merck & Co. (MRK) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
MRK finds buyers at key support level
MRK breaks below previous session low
MRK falls to lowest close since May 10th
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

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 chart for MRK
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 60.01 where further buy stops might get activated.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Merck & Co.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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