Positive Drug Study Pushes Merck (MRK) To New Highs, See What What We Found Out

Posted: Monday, November 16, 2009 11:53 AM EDT

Merck (NYSE: MRK) hit a new 52-Week high of $34.35 so far today. Currently the stock is up $1.16 (3.5%) to $34.26 on 10,302,861 shares traded. Today's high is up $14.21 from a 52-Week Low of $20.05. Merck stock has been showing support around $32.70 and resistance in the $33.70 range. Technical indicators for the stock are bullish and S&P gives MRK a positive 4 STARS (out of 5) buy ranking. Merck is rising to new highs today on positive news for its cholesterol drug Zetia. If you are looking for a hedged play on MRK the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]

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