MNK closes within prior day's range
Mallinckrodt plc (MNK) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
MNK finished the month -16.79% lower at 2.23 after gaining $0.10 (4.69%) today, notably outperforming the S&P 500 (0.77%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (MNK as at Jul 31, 2020):
Friday's trading range has been $0.23 (10.65%), that's slightly below the last trading month's daily average range of $0.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MNK.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 9th, MNK lost -6.67% on the following trading day.
Prices are trading close to the key technical resistance level at 2.38 (R1).
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.