New York, October 10th (TradersHuddle.com) - Merck & Co. Inc. (NYSE:MRK) closed the trading day at $46.17, near its 50 day moving average that is set at $44.29. Merck's price action is just above this important support level, providing a trading opportunity.
Merck & Co., Inc. (NYSE:MRK), the global pharmaceutical company that develops, manufactures, and markets a broad range of human and animal health products. Merck's products include Zocor for treatment of elevated cholesterol, Propecia for treatment for male pattern hair loss, Fosamax for preventive treatment of osteoporosis, and Singulair for treatment of asthma. Merck was founded in 1891 and is headquartered in Whitehouse Station, New Jersey.
The peaks and troughs algorithm shows calculated support at $33.13 and calculated resistance at $45.70. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Merck should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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