MRK - Excellent breakout

MRK has shown a strong breakout. We see a steady secondary downtrend from May 2023 to early December. Anchoring a VWAP to the May 202 high and another to the October low give us a clear indication of support and resistance. I missed the breakout and retest in early December, as well as the break above the VWAP from the prior high.

Taking a fib retrace from the May high gives us an overhead target between 120-124, which aligns to analyst consensus 12 month price target. Note the fib time zone from the June low and June high has aligned to changes in price action. The next is April 5.