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 into a oversold area
The increasing bear 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 movement.
Increasing bear after a week of losses is also not supportive of increasing price levels.
The will need to cool off towards the 40-45 range before we can see some movement.
After consolidation, wait for price to retreat to a newly made fib level, signaling a new trend.
Once a new high is made, it opens the stock up to a pattern, pointing south again. We would need to see either from or from the 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?