MRK.DE ends the day on a bullish note closing near the high of the day


Merck Kommanditgesellschaft auf Aktien (MRK.DE) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
MRK.DE finds buyers at key support level
MRK.DE finds support at 100-day moving average
MRK.DE closes higher for the 2nd day in a row
MRK.DE ends the day on a bullish note closing near the high of the day
MRK.DE finds buyers again around 82.32
TQ Sentiment
Report Sentiment: 70% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, MRK.DE ended Thursday at 84.14 gaining €0.80 (0.96%). Closing above Wednesday's high at 83.54, the market confirms its breakout through the previous session's high having traded €1.04 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for MRK.DE
Volatility

Thursday's trading range was €2.26 (2.72%), that's slightly above last trading month's daily average range of €1.95. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. In spite of a weak opening Merck managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After trading as low as 82.32 during the day, the stock bounced off the key support level at 82.68. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 84.86. After having been unable to move lower than 82.50 in the previous session, the share found buyers again around the same price level today at 82.32. After trading as low as 82.32 during the day, MRK.DE found support at the 100-day moving average at 82.43.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 85.18 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Merck Kommanditgesellschaft auf Aktien
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
High close to previous High TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
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