MNK closes within previous day's range after lackluster session
Mallinckrodt Plc (MNK) Technical Analysis Report for Apr 16, 2018
MNK ended Monday at 13.86 edging higher $0.07 (0.51%). Trading up to $0.22 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.47 (3.41%), that's below last trading month's daily average range of $0.64. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Prices are trading close to the key resistance level at 14.19. After having been unable to move lower than 13.51 in the prior session, the share found buyers again around the same price level today at 13.58.
Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could accelerate should prices move below the nearby swing low at 13.32 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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