Marsh & McLennan Companies Companies (MMC stock) posted the Q3 earnings results this week, which was per the estimates. However, MMC stock reacted adversely, breaking the channel lower trendline of $190. However, the MMC stock has taken support on the 100 day EMA and massive short additions were noted. Furthermore, the chart shows that MMC stock has been in an uptrend and persisted in giving positive returns amid the bearish market sentiments. MMC stock has the immediate support zone of $180 and $175.
MMC stock price is in a strong uptrend and has reached the bull trajectory, whereas sellers are willing to push it below toward the trajectory swing of $150. However, the bulls attained strength and did not permit the sellers easily and tried to hold the selloff near 200 day EMA at $180. Per the options chain, at the strike price of $190, there was a massive open interest of 186 hundred shares on the put side, whereas 107 hundred shares on the call side, which shows that put writers were in trouble and will try to retain the channel lows to resume the uptrend.
At press time, MMC stock price was $187.67 with an intraday drop of 1.74%, showing profit booking. Moreover, the trading volume increased by 1.67% to 3.78 Million and the market cap is $92.535 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $204.54 suggesting a strong growth outlook.
Marsh & McLennan Cos., Inc. is a professional services firm, which engages in offering clients advice and solutions in risk, strategy, and people. It operates through the Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment is involved in risk management activities, as well as insurance and reinsurance broking and services.
Will MMC Extend Fall or Settles Near 100 Day EMA?
On the daily charts, MMC stock price is trading close to the 100 day EMA and bulls are trying to hold the gains near it and will attempt a pullback to retain the amid the healthy Q3 numbers which was per the estimates, but market reacted to it adversely. MMC stock price split the 61.8% Fibonacci retracement level and slipped below the mid bollinger band.
The RSI curve slipped below the neutrality and showed a negative crossover which suggests that follow on selling will persist in the next sessions. The MACD indicator shows a bearish crossover formed red bars on the histogram suggesting a negative outlook.
Summary
MMC stock price split the channel low of $190 and broke down amid the healthy Q3 results. Furthermore, the MMC stock price slipped below the 20 day and 50 day EMAs and is close to the 100 day EMA. However, buyers did not lose momentum and still make long build ups which is a sign that a pullback may be seen toward the channel lower trendline near $290.
Technical Levels
Support Levels: $185 and $180
Resistance Levels: $190 and $200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/21/mmc-stock-price-exit-channel-lows-amid-favorable-q3-earnings/