Merck Chart: Has Resistance Become Support?

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Merck has been sneaking higher, and some traders may think the drugmaker has broken out.

The first pattern on today’s chart is the February 25 peak of $125.14. MRK pushed above that level two weeks ago, before pulling back to bounce at the previous high. Has old resistance become new support?

Second, prices held the ...

For more, please click here to view the related idea and chart analysis on TradingView.

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Merck (MRK), daily chart, with select patterns and indicators, courtesy of TradingView.

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About the author

David Russell

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.
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