Merck & Company (MRK): Building Strength, Paving the Way for Potential Upside
$86.28
Merck & Company (MRK): Building Strength, Paving the Way for Potential Upside
31 Oct 2025, 11:49
Chart & Data from IG
WTI crude has been looking a little shaky here over the past couple of days as it has tested the resistance along the trendline dating back to September of 2023. The resistance along the trendline reads around $84.00 a barrel, the price of WTI moved just beneath it and was rejected. Currently, it is trading at around $82.57 in the US session, with potentially shorts piling up in anticipation of a move lower for this market. We can see in April when the commodity reached the trendline resistance it then sold off to around $72-$72 a barrel. After rallying more than 13% from the start of June, failure to move above this trendline resistance could mount pressure for a move back toward the trendline support once again. Such a move would correspond with the Eliott Wave drawn on the chart, which highlights the potential direction in the case of a sell-off scenario. This would see the price of WTI decline to around $74-$75 a barrel. On the other hand, a break above $83.91 and above the trendline resistance with a clear close higher may fuel the rally further. The price of $87 would then become the next point of clear resistance. The technical indicators are both positive but the RSI is showing increased levels of volatility. The MACD is still moving higher but the RSI is moving sharply from one direction to another (up to down), creating some concern there for the near term.