MRK needs to find support - what to look for
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Hey everyone,
Moving away from the typical crypto posts today.
We are checking out MRK.
This stock has seen some hefty losses in the past few days, pushing the RSI into a oversold area
The increasing bear volume has not been supportive, and the price is breaking past the .382 fib level.
The stock is looking to find support, but the last few days have not shown any. Before entering into this long position, we need to see some consolidation on price and bullish movement.
Increasing bear volume after a week of losses is also not supportive of increasing price levels.
The RSI will need to cool off towards the 40-45 range before we can see some bullish movement.
After consolidation, wait for price to retreat to a newly made bullish fib level, signaling a new trend.
Once a new high is made, it opens the stock up to a head and shoulders pattern, pointing south again. We would need to see bullish divergence either from volume or from the RSI to bring price higher after this.
As is, we are in a bear movement that could pose a falling knife until proper support forms.
What do you think? Where could we support form?
-Block
Moving away from the typical crypto posts today.
We are checking out MRK.
This stock has seen some hefty losses in the past few days, pushing the RSI into a oversold area
The increasing bear volume has not been supportive, and the price is breaking past the .382 fib level.
The stock is looking to find support, but the last few days have not shown any. Before entering into this long position, we need to see some consolidation on price and bullish movement.
Increasing bear volume after a week of losses is also not supportive of increasing price levels.
The RSI will need to cool off towards the 40-45 range before we can see some bullish movement.
After consolidation, wait for price to retreat to a newly made bullish fib level, signaling a new trend.
Once a new high is made, it opens the stock up to a head and shoulders pattern, pointing south again. We would need to see bullish divergence either from volume or from the RSI to bring price higher after this.
As is, we are in a bear movement that could pose a falling knife until proper support forms.
What do you think? Where could we support form?
-Block
Note
Price is hitting some lower lows as the week progresses. It looks like the $70.72 mark will be our target for the new support for form. This is on a fib level and has some support from the start of the year. Until then, its look like danger time for MRKNote
MKR has hit the reversal, albeit a little lower than we had intended. I will post updates this week as the price consolidates the next few days!-Block
Note
Price consolidation is in play. Looks like a great time to either cash out on some gains you made from the reversal, or, if you are very bullish, keep the long from an excellent entry position you already made.
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