MNKD closes within prior day's range after lackluster session
MannKind Corporation (MNKD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
MNKD finished the month 15.89% higher at 1.75 after losing $0.06 (-3.31%) today, significantly underperforming the S&P 500 (1.54%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MNKD as at Jun 30, 2020):
Tuesday's trading range has been $0.10 (5.62%), that's below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for MNKD. Prices continued to consolidate within a tight trading range between 1.68 and 1.88 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 1.88 (R1). The stock found buyers again today around 1.71 for the third trading day in a row after having found demand at 1.70 in the prior session and at 1.68 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 1.88 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 1.68 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for MannKind. Out of 918 times, MNKD closed lower 48.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after nine trading days, showing a win rate of 54.58% with an average market move of 0.49%.