NYSE:MRK may be ready to breakout.

MERCK & CO. INC. (MRK)       106.9   -0.51 (-0.47%)


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NYSE:MRK may be ready to breakout.8 days ago - Chartmill

A possible breakout setup was detected on MERCK & CO. INC. (NYSE:MRK) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:MRK.

MRK Daily chart on 2023-01-24

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, MRK scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • When comparing the yearly performance of all stocks, we notice that MRK is one of the better performing stocks in the market, outperforming 91% of all stocks. On top of that, MRK also shows a nice and consistent pattern of rising prices.
  • MRK is part of the Pharmaceuticals industry. There are 258 other stocks in this industry. MRK outperforms 80% of them.
  • MRK is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so MRK slightly outperforms the market at the moment.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:MRK currently has a 8 as setup rating:

MRK has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 109.87, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MRK in the last couple of days, which is a good sign.

How to trade NYSE:MRK?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:MRK and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

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