• Return to Headlines

Mallinckrodt Set to Possibly Rebound After Yesterday's Selloff of 4.60%

By David Diaz

Mallinckrodt (NYSE:MNK) traded in a range yesterday that spanned from a low of $20.50 to a high of $21.52. Yesterday, the shares fell 4.6%, which took the trading range below the 3-day low of $21.34 on volume of 1.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Mallinckrodt share prices have moved between a 52-week high of $36.65 and a 52-week low of $11.65 and are now trading 76% above that low price at $20.54 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has risen 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Mallinckrodt on November 21st, 2018 by issuing a Downtrend alert when the shares were trading at $27.36. Since that call, shares of Mallinckrodt have fallen 21.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders mallinckrodt

Ticker(s): MNK