Merck has successfully validated our expectation of building its local bottom and followed our exoectation into our previusly defined Fibonacci retracement zone. This zone represents a clear selling opportunity.
We expect the current corrective phase is not yet over, and anticipate lower prices for this stock.
Short entry levels:
- 50% at $138.35
- 61.8% at $147.80
- 78.6% at $160.55
Stop loss: 1% above the zone, at $162.10
This zone is currently active, and the market is trading within it.
In the long term, we expect Merck's corrective phase to end within our long-term Fibonacci zone. This zone represents a clear long-term buying opportunity.
Long entry levels:
- 61.8% at $93.60
- 78.6% at $56.14
- 88.7% at $33.62
Stop loss: 1% below the zone, at $33.29
If the market leaves our short-sell Fibonacci zone, or enters and activates our long-term Fibonacci zone, we will update you immediately.
Kind regards,
Monalytics
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