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Thanks DanG for the analysis of MRK and thanks Gitanshu for pointing out
ABT. ABT's cup with handle failure is striking. I took a step back and
realized my analysis of MRK may have been a little over confident. When I
stepped back, I noticed that MRK broke out of a long term cup and what I had
been looking at as a rounding top could be a handle on the cup. I have been
pretty successful trading rounding tops, but the cup lip should provide a
good deal of support and a move to the upside is not out of the question.
On the other hand, the weekly candlesticks on MRK have been on the bearish
side and ABT's cup with handle failed recently.
Are there any thoughts regarding MRK's recent consolidation as either a
rounding top or a handle or as something else?
Thanks,
Dan
>>What I find interesting is that MRK is right on its 39 day average,
>which I use as a dynamic support level.
>
>Regards
>DanG
>
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