There has been a huge rally in MNKD over the last couple of days. The daily chart is looking very precarious up here. There is a small chance it could keep rallying, as it appears to have slightly broken through resistance (or I plotted it wrong), but my money says this is a good short opportunity as people will likely be taking profits. Next two stops down look like $2.85 or, worst case $2.30.
Comment:
I'm completely flabbergasted by this chart. Not only did price blow WAY past my expectations, but its holding at an RSI of 85 right now. I want to speculate again that there is no way it can hold these levels, but it appears to be resting on support that was established back in 8/2016.
Comment:
Ended up landing at support after all. But good god, what a rally.