Stock of the day: Merck

By Tomasz Wisniewski|

Published: June 28 2024, 11:15 GMT+0

Stock of the day: Merck

In today’s stock of the day, let’s examine Merck, which experienced a positive session yesterday after a rough start to the week. Earlier, there was a false breakout above the key horizontal resistance at $132, marked in orange. This false breakout, highlighted with a black rectangle, triggered a strong reversal and a sell signal. The decline halted at a long-term uptrend line marked in green, now serving as crucial support.

Currently, Merck is in a precarious position. As long as the price remains below the orange resistance, sellers have an advantage, although the bounce off the green support suggests no definitive sell signal yet. This places the stock in a sort of no-man’s land.

For trading strategies, a daily close below the green dynamic support would indicate a sell signal. Conversely, a daily close above the orange resistance would be a strong buy signal, suggesting further bullish momentum.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-merck-2

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