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MRK – Merck & Company – The global research-driven pharmaceutical company's Point & Figure chart shows the breaking of the main bearish resistance line at $27.75 switching the trend from bearish to bullish. Since the lower tops pattern set in December 07 and January 08 at $61.50 and $61.00 share prices weakened sharply breaking the bullish support line at $57.25 confirmed by the double bottom breakout at $56.50 and reversing the trend mode from bullish to bearish. Two “Long Tail Down” patterns took prices at $52.50 first and then at 42.50 developing a long progressive downtrend defined by a lower highs and lower lows pattern until support at $23.00 contained the bleeding. The movement reacted to the upside reaching $31.50 level but bouncing off the main bearish resistance line. After pulling back to $27.00 the new attempt successfully penetrated on the upside the bearish trend line at $30.50 but turned out to be a bull trap. Prices resumed the contraction and a sell off evolved taking quotations to set the lows at $20.25 early March 09. The “Low Pole” pattern that developed from the washed out condition projected an upside target at $42.00. The recent triple top breakout at $27.75 coincided with the violation of the main bearish resistance line which also reversed the trend to bullish. Prices are now pulling back finding support along the intermediate bullish line. Latest actions have been exhibiting very clear indications that the weight of the evidence has shifted to the long side. Relative Strength vs the market is pausing in the short term but still positive in the long run. Long positions should be taken with first target at $32.50 and subsequently at $42.00. On the downside lighten progressively at the penetration of the intermediate bullish support line and afterwards at $25.50. Close all long positions at the violation of the main bullish support line.
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