MNKD another intresting WEDGE DOWN
note on chart keep watching price action, might see 1.6 again
Looking for a resistance level that causes a reversal of trend. You can see the 2.01 resistance level was hit on 9/6, and 9/7 the price fell through to 1.78. If the downward trend continues, the next resistance level to be hit would be 1.5. Substantial sell volume on 9/5, 9/6 and 9/7 could be indicative of a higher likelihood for a trend reversal early next...
It could bounce on this level to get uptrend again. Or it could get under this level and go down to the next support.
$MNKD spiked on good news yesterday ( Holiday) And could continue on good news. (And alot of BIG insiders buying this!)
MNKD had a volume surge on Friday after some positive results were shown. ADX is still flat which is currently over 10 +DMI is over 17 and -DMI is over 16. It closed over the 50 day moving average which is currently at 1.8. Entry would be 1.75/1.81/1.87/1.91 Pivot is 1.97 Resistance is 2.03/2.07/2.013/2.23 For me I would look to enter this from 1.81 to 1.87...
Technically speacking it is getting squeezed in a wedge. The move could be up since last earning were not half bad, they were actually pretty good, I am surprized that the move hasn't happened yet.
This is why you buy/sell only at the beginning/end of the session. Especially in a downtrend/uptrend a buy/sell opportunity is valid only at the end....
BUY THE CHART...SELL THE CHART...DO NOT HEAR THE NEWS
I'm starting by studying charts while building an investing account. Started investing with $100.00 but getting killed on commissions, so going to wait until I have $1000.00. Found this yesterday, and confirmed the pop up today.
* Trade Criteria * Date First Found- January 10, 2018 Pattern/Why- Fallen angel formation; Breakout out trade Entry Target Criteria- Current price (Possible aggressive entry) or Breakout of $2.77 Exit Target Criteria- Momentum Stop Loss Criteria- N/A Special Note- Lots of insider buying Please check back for Trade updates. (Note: Trade update is little...