MRK.DE closes within previous day's range
Merck Kommanditgesellschaft auf Aktien (MRK.DE) Technical Analysis Report for Apr 16, 2018
MRK.DE finished Monday at 81.04 losing €0.40 (-0.49%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Monday's trading range was €1.58 (1.93%), that's slightly above last trading month's daily average range of €1.39. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
In spite of a strong opening Merck closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to the key resistance level at 81.76. After having been unable to move lower than 80.60 in the previous session, the share found buyers again around the same price level today at 80.46.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could accelerate should prices move above the close-by swing high at 82.18 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 79.70 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
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