5 Biotech Stocks Under $5 Making Bullish Moves - views

MannKind

MannKind (MNKD) is a development-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. This stock is trading up 9.5% to $2.19 in recent trading.

Today’s Range: $2.04-$2.25

52-Week Range: $1.57-$4.30

Volume: 3 million

Three-Month Average Volume: 1.4 million

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From a technical perspective, MNKD is following through with some momentum buying today, after the stock took out its 50-day moving average of $1.94 on Wednesday. This move today is coming with above average volume, and is quickly pushing MNKD within range of a near-term breakout trade.

Traders should now look for long-biased trades if MNKD can manage to take out some near-term overhead resistance at $2.35 to $2.59 with high-volume. Look for a sustained move or close above those levels with volume that’s near or above 1.4 million shares. If we get that action soon, then MNKD easily re-test and possibly take out its January high of $3.48. Traders should now key off the $2 level for near-term support that needs to hold up for this stock to have a chance at breaking out soon.

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