Merck & Co: Covid news linked breakout - Bullish
Merck & Co., Inc. develops pharmaceutical and vaccine products. It also offers healthcare solutions and vaccines addressing animal health. The company was founded in 1891 and is headquartered in Kenilworth, NJ.
Average Analyst Rating : Moderate Buy : Price target : $92
Hedge Fund Trend: ▼ Hedge Funds Decreased Holdings by 8.8M Shares Last Quarter.
Insider Activity : No Meaningful change last quarter
News Sentiment last week: Very Bullish
Technicals : Positive
Merck and Ridgeback Therapeutics Inc.’s experimental oral antiviral treatment is being heralded as a pill with major upside potential in the fight against the COVID-19 pandemic. Malaysia is in talks to procure an experimental antiviral pill developed by Merck & Co for COVID-19 treatment, the health minister said on Saturday.
Fundamental news brought sharp falls for the vaccine cos that have earlier made huge gains, the likes of PFEs and MRNA and others and MRK moved up sharply, breaking the range it was moving. Since its a news related move, more likely a new range would be created and previous resistance maybe difficult of breach.
Most of the stocks that had fallen because of Covid lockdowns showed glimpses of finding investor interest as Airlines, Casinos & Gamings, Crusie Liners all made substantial moves.
From a technical standpoint, its a Bollinger band blast on Daily charts. The candle formation can be tricky, but the weekly candle looks very strong Watch out for price action on Monday, dip buying should be a good strategy. I think another rotation in its way in terms of sector moves, ride this rally and watch out the Covid news regularly.
Average Analyst Rating : Moderate Buy : Price target : $92
Hedge Fund Trend: ▼ Hedge Funds Decreased Holdings by 8.8M Shares Last Quarter.
Insider Activity : No Meaningful change last quarter
News Sentiment last week: Very Bullish
Technicals : Positive
Merck and Ridgeback Therapeutics Inc.’s experimental oral antiviral treatment is being heralded as a pill with major upside potential in the fight against the COVID-19 pandemic. Malaysia is in talks to procure an experimental antiviral pill developed by Merck & Co for COVID-19 treatment, the health minister said on Saturday.
Fundamental news brought sharp falls for the vaccine cos that have earlier made huge gains, the likes of PFEs and MRNA and others and MRK moved up sharply, breaking the range it was moving. Since its a news related move, more likely a new range would be created and previous resistance maybe difficult of breach.
Most of the stocks that had fallen because of Covid lockdowns showed glimpses of finding investor interest as Airlines, Casinos & Gamings, Crusie Liners all made substantial moves.
From a technical standpoint, its a Bollinger band blast on Daily charts. The candle formation can be tricky, but the weekly candle looks very strong Watch out for price action on Monday, dip buying should be a good strategy. I think another rotation in its way in terms of sector moves, ride this rally and watch out the Covid news regularly.
Comment:
AS we see, the breakout candle was tricky as shared above and dip buy was the way to go. Price tested the gap area and moved up back again