September 13 Chart of the Day - Merck
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
It hasn't been the best quarter for Merck & Co., Inc. (MRK) shareholders, since the share price has fallen 11% in that time. But over three years, the returns would have left most investors smiling In fact, the company's share price bested the return of its market index in that time, posting a gain of 60%.
So while their shareholders may not be as happy as they could be we wanted to review their chart from a price action technical analysis perspective.
We have featured over 275 Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $134.63 all time high (ATH) this past spring price has faded back down toward previous structure.
For the past few months price has been consolidating between the $110-$120 area.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the recent consolidation. The bulls seemingly have been attempting to make a series of higher highs and higher lows but could be in danger of dropping the ball and letting price make another lower low.
Trading around $115.27 earlier today price may be waiting for a catalyst (like an earnings event) before decisively moving in one direction or the other.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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