Hubert Senters here.
Hey, this is Mark standing in for Hubert on today Thursday, December 5th. One more time here as he travels. Taking a look at Merck. Merck is one of the strong stocks on our scanner right now.
And you can see here that we had very strong resistance levels going back for several months here and that’s recently turned into support so it held in resistance. I call it in the August timeframe and I’ll even compress my chart as going back to July as well.
So you can see here back in July — early July was resistance held again call it in August, September timeframe and then one more time here in late October. We finally broke through that late November. Have corrected downward maybe paused a little bit above that level and then has taken off to the upside here.
In addition to that we see if you look at the cycle indicator down here a bearish set-up. This is called a bullish elevated cycle low. This projects the price is going higher. So yesterday was right in line with what we’re finding on our scanner and I’ll show you the scanner here.
I mean go ahead and pull that up. So if you look at the scanner here you can see that Merck was flashing by yesterday. And sure enough it did go higher. Now if you’re trading the breakout strategy I showed you earlier in the week that actually had a buy signal as well and Merck and you can see here that the bars were green.
The top tick trader was flashing green which means that heavy buying has come into the New York Stock Exchange and the buy side is the right side to be on we should see prices continue higher today but since the opening yesterday Merck dipped down a little bit right at the gate but then hit the green buy line generating buy signal right here.
And then worked its way up to finally hit profit target one, you can see here and then finally hit profit target two. And then finally closed above that level so nice day trading, the breakout strategy. Again this was a very effective and generate some nice profits for a stock that our scanner was flashing by. That is all for this video.
Thanks for watching. And as always good luck trading.