Merck surged in late 2022 and consolidated during the first quarter. Now the drug maker could be breaking out.

The first pattern on today’s chart is the rally between mid-October and early January, which included a breakout to new record highs. MRK then pulled back and retraced almost exactly half the move by early February. It bounced a little before making a slightly higher monthly low in late March.

Second, MACD was rising in October before the previous surge. Notice how it’s climbing in a similar way now.

Next is the 100-day simple moving average (SMA). The stock rallied from it in October -- also resembling the current price action.

Finally, in the shorter term you have the March 7 high of $112.18. Consider how MRK briefly paused at that level in the last two weeks before proceeding to new record territory on Thursday.

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