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Possible Bullish Inside Day Candle Pattern Detected for Mallinckrodt (NYSE:MNK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mallinckrodt (NYSE:MNK) based on the price action in the company's shares. Yesterday's price range of $1.10 and $1.31 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Mallinckrodt may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mallinckrodt share prices have moved between a 52-week high of $24.12 and a 52-week low of $1.43 and closed yesterday at -13% above that low price at $1.25 per share. The 200-day and 50-day moving averages have moved 3.25% lower and 3.49% lower over the past week, respectively.

Mallinckrodt has overhead space with shares priced $1.25, or 87.5% below the average consensus analyst price target of $10.00. The stock should run into initial resistance at its 50-day moving average (MA) of $4.14 and subsequent resistance at its 200-day MA of $4.66.

Mallinckrodt PLC develops, manufactures, and markets specialty pharmaceutical products and diagnostic imaging agents. The Company specializes in the manufacturing of pain management medications. Mallinckrodt offers its products to major wholesalers and retail drug store chains worldwide.

SmarTrend is tracking the current trend status for Mallinckrodt and will alert subscribers who have MNK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle mallinckrodt

Ticker(s): MNK