In the trading business there is always something to find, discover and learn. Very often when traders struggle to find an investment they should just simply learn to read the charts.
At this time, I'm watching the stock chart of Merck (NYSE:MRK) very closely. This stock has been trading around the daily chart 200-day moving average. Should this stock fail to recapture the $64.50 level over the next week or so it will be signaling that another decline is near. Should MRK stock decline then the next major chart support level will be around the $60.90 area. This is where the stock broke out in January 2017. Traders should watch this level closely as it should be defended by the institutional money when it is retested.
It is important to note that Merck & Co, Inc.(NYSE:MRK) will report earnings on July 28, 2017 before the opening bell.
