MRK – Chart of the Week
This week we are profiling the pharmaceutical name Merck; MRK is the symbol.
This chart has one of my very favorite bullish patterns, the W. (W is for winners – M is for murder!) If we’re bullish, we like the W pattern in this stock. It’s having a strong day today on decent volume.
It’s called an outside day, because today has lower low and higher high. And it’s a green candle that is currently trading at or near the highs of the session. MACD is on a buy signal. We have strong relative strength with a nice steep slope.
We are nearly overbought here so we could pull back a bit. The 20 day moving average is coming in at about 170 – 172, which is 6 above where the current price level is.
We like this stock to move up a little bit further, maybe up to a 117 – 120 before it needs to take a rest.
Take a look at Merck!
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