BULLISH FLAG ON MERCK KGAA
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section a bullish flag chart pattern that is listed on Frankfurt Stock Exchange. The short-term bullish consolidation can be utilized for trading opportunity. A link is provided here to learn more about Flag as a measuring pattern.
MERCK KGAA (MRCG.DE)
Merck KGaA is a Germany-based science and technology company. The Company operates in three business segments: Healthcare, Life Sciences and Performance Materials. The stock is listed on the Frankfurt Stock Exchange. Price chart formed a multi year-long consolidation range with lower boundary acting as strong support at 76.20 levels. The stock rebounded from the support. Over the past few days MERCK formed a tight consolidation which can be identified as a bullish flag (shown on the daily scale price chart). The upper boundary is at 94 levels. A daily close above 96.8 levels can confirm the short-term bullish continuation with the possible chart pattern price target at 110.4 levels. (Learn more: Flag as a measuring pattern) (Data as of April 6, 2020)
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