Merk has performed better than the S&P during the selloff of 2022, and is breaking out of a basing formation
Merk has performed better than the S&P during the selloff of 2022, and is breaking out of a basing formation
Merk & Co INC. (NYSE: MRK) has been rising against the S&P 500. While the market in 2022 was selling off MRK stock rose around $90/share in late August 2022 to $120/share in May of 2023. The stock has formed a basing pattern which began in May, and has now dipped into the bottom of that base.
On a 2 standard deviation model, MRK right now its on the lower end of the standard deviation, and at the lower end of the basing formation. This suggest there could be more upside to the stock, and now as the market recovers MRK could start to trade higher with the market. We put a target of the former high of $120/share, with the potential for higher price action.