MNK pushes through previous session high

Mallinckrodt Plc (MNK) Technical Analysis Report for May 17, 2018

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

TQ Sentiment

Report Sentiment:
75% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

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 chart for MNK

Volatility

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.

Support/Resistance

Breaking through the key resistance level at 15.79 today, it is now likely to act as support going forward.

Trend

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.

Conclusion

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

Market Conditions for Mallinckrodt Plc

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MNK breaks below 50-day moving average

Sep 24, 2018
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