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Watch for Mallinckrodt to Potentially Pullback After Gaining 1.00% Yesterday

By Shiri Gupta

Mallinckrodt (NYSE:MNK) traded in a range yesterday that spanned from a low of $21.87 to a high of $22.14. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $22.04 on volume of 403,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Mallinckrodt on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.72. Since that recommendation, shares of Mallinckrodt have risen 17.1%. We continue to monitor MNK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, Mallinckrodt share prices have been bracketed by a low of $11.65 and a high of $36.65 and are now at $22.14, 90% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.5%.

Keywords: rebounders mallinckrodt

Ticker(s): MNK