MNK pushes through previous session high
Mallinckrodt plc (MNK) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
MNK finished Thursday at 16.07 gaining $0.50 (3.21%). Today's closing price of 16.07 marks the highest close since March 16th. Closing above Wednesday's high at 15.96, the stock confirms its breakout through the previous session's high having traded $0.24 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MNK as at May 17, 2018):
Thursday's trading range was $0.74 (4.75%), that's slightly below last trading month's daily average range of $0.82. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 15.79 today, it is now likely to act as support going forward.
Though Mallinckrodt Plc 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.