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A very strong day for Merck & Company Inc stock price on Friday

StockInvest.us, 1 month ago

Merck & Company Inc

The Merck & Company Inc stock price gained 8.37% on the last trading day (Friday, 1st Oct 2021), rising from $75.11 to $81.40. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 4.60% from a day low at $80.63 to a day high of $84.34. The price has risen in 8 of the last 10 days and is up by 13.56% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 86 million more shares were traded than the day before. In total, 102 million shares were bought and sold for approximately $8.30 billion.

On Sep 07, 2021 "Morgan Stanley" gave "" rating for MRK. The price target was set to $77.26+0.2%.

Given the current short-term trend, the stock is expected to fall -5.16% during the next 3 months and, with a 90% probability hold a price between $67.31 and $77.20 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Merck & Company Inc

The Merck & Company Inc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $74.99 and $75.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, September 17, 2021, and so far it has risen 13.56%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $76.18 and $71.97.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Merck & Company Inc finds support just below today's level at $76.18. If this is broken, then the next support from accumulated volume will be at $71.97 and $71.68.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $3.71 (4.60%) between high and low. For the last week, the stock has had a daily average volatility of 2.48%.

The Merck & Company Inc stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Merck & Company Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Merck & Company Inc forecast and analysis here.