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SmarTrend Watching for Potential Rebound in Shares of Mallinckrodt After 6.03% Loss

By Amy Schwartz

Mallinckrodt (NYSE:MNK) traded in a range yesterday that spanned from a low of $4.28 to a high of $4.49. Yesterday, the shares fell 6.0%, which took the trading range below the 3-day low of $4.33 on volume of 4.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Mallinckrodthas traded in a range of $4.28 to $36.65 and are now at $4.45. Over the past week, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has declined 3.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Mallinckrodt on April 18th, 2019 by issuing a Downtrend alert when the shares were trading at $18.65. Since that call, shares of Mallinckrodt have fallen 75.1%. 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