Merck & Co. Inc

By root | March 02, 2008 AAA

For today's chart we've chosen to take a look at Merck & Co. (NYSE:MRK) because it is trading near an interesting level of support. As you can see from the chart below, the stock has experienced a sharp pullback since the start of the year, but many traders are keeping a close eye on the $44 level to see if it will be able to reverse the trend. Notice how the Fibonnaci retracement levels have acted as support and resistance in the past. We believe that these levels will continue to influence the price and it will be interesting to see if bullish traders use the 50% retracement level as a reason to enter the stock. A close below the nearby retracement level will signal increased selling pressure and in this case many would choose to set their targets at $39.

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