If there is another strong bullish candle then this can be a good breakout trade! It will be a good long position with a potential risk to reward of 1:2.
The EMA's are also showing bullish signals which gives me a good confluences.
As a bonus we could also enter another long position at the reversal.
Let's see whats what happens at the end of Friday.
1) Price has reached the bottom of this downward wedge pattern and looks like a reversal may come
2) Price looks like it is forming a double bottom around the 0.9636 area
3) It has also broke the downward shorter time trendline and looks lke it is just restesting
1] If we see a blue daily candle close then this is enough for me
Risk to reward is...
MNK is dead or almost dead. Often times there is a dead cat bounce in stocks like these, as 'everybody' gets the same idea to throw some money at it.
This is a high risk scenario but with potentially good risk to reward ratios.
Disclaimers : I've clearly said this is high risk. This not advice to trade in securities. I am simply showing what may happen from...