ClayTrader

ClayTrader

Although at the time of making these annotations MNKD is gapping-up in the premarket, the fact of the matter is this chart has been in a nasty downtrend and has formed a Bear Pennant Pattern. If it does gain any upside strength, the true test will come if the price can make it up to the pivotal $8 level. Until any multi-day closes above $8, I will remain bearish.

ClayTrader

With LOCO approaching some key overall areas of support, there could be some nice short side trade opportunities approaching. $29 has proven to be a pivotal point of support, so all my current short ideas revolve around this price point in particular.