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MRK finds buyers at key support level


Technical Analysis Report for MRK - 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
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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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