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8/5/99 Merck & Co (MRK)
Points to watch: Merck's 5 month long decline is accelerating.
Yesterday the stock broke below important support at 66, a level which had
provided support on 5/26, 5/28, and 6/14. Technical indicators remain
negative: weekly RSI made a new low yesterday and daily OBV, stochastics,
and MACD are all heading lower. The stock is a sell, or short at
current levels, with a first downside target of 60.81, the low hit last
October 8th. Additional
downside support is at 55.75-57.5.
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