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Fan Yang

MannKind Corp. (MNKD) Awaiting Breakout Atop Trendline Support

MannKind Corp. $MNKD has been consolidating after a surge and a sharp pullback as we can see on the daily chart.

MNKD Daily Chart

(click to enlarge)

Fibonacci Retracement:
- Note that price has been consolidating around the 61.8% retracement level based on the 2017 low and the subsequent 2017 high. 
- Also note that price is now testing a rising trendline support.
- If price can hold above $3.00 at the end of the week, and eventually push above $3.40, I think the market will be more confident on the upside and push MNKD up towards at least the $4.30-4.35 area and the $5.00 mark.  
- A break below $2.75 on the other hand, might open up a bearish push towards $2.35, which is a support/resistance pivot.
- In this bearish scenario, we should also anticipate support around $2.00, which is also a previous support/resistance pivot, where the 200-day simple moving average (SMA) and 78.6% retracement level reside.