MNK pushes through previous session high


Mallinckrodt plc (MNK) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

MNK pushes through key resistance level
MNK ends the day on a bullish note closing near the high of the day
MNK pushes through previous session high
MNK rises to highest close since March 16th

Overview

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):

Daily technical analysis candlestick chart for Mallinckrodt plc (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.


Market Conditions for MNK as at May 17, 2018

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