MNK closes within previous day's range after lackluster session


Mallinckrodt Plc (MNK) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
MNK closes above its opening price after recovering from early selling pressure
MNK finds buyers again around 13.58
MNK closes within previous day's range after lackluster session
MNK ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

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.

Daily chart for MNK
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 13.32 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Mallinckrodt Plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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