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Fan Yang

Mannkind (MNKD) at a Key Fibonacci Retracement Level

MannKind $MNKD rallied sharply in October. After seeing a low of 0.67 per share in May, it slowly rebounded back to 2.00 by September. Then it took off and almost tagged 7.00 in October.

MNKD Daily Chart

(click to enlarge)

Sharp Pullback:
- After almost tagging 7, MNKD fell sharply
- The dip has slowed a bit as price approached the 61.8% retracement level around 3.00.
- Also note that the RSI is around 40.
- This is a possible turning point if MNKD is to maintain October's bullish momentum.
- There could be some downside towards 2.50 before this happens, so we might want to be patient.
-  A break below 1.80 would invalidate this bullish outlook.
- Also, there should be upside back towards the 5-5.50 area. After a huge swing like that in October, I would anticipate a period of congestion, and a return to regular volatility. That means MNKD will likely find resistance before 7.00, closer to 5 or 5.50. 

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