MNKD 60 minute Oct 23rd
The MNKD (Mannkind Corp) Active Long Trade is poised to gap open at or near the second price target of 3.84. In fact, the stock just traded as high as 3.85 in pre-market (after the screen-shot of the streaming 2-min pre-market chart was inserted into the 60-minute chart reflective of yesterday’s close).
While a reaction is likely off the T2 level, T3 remains the final target at this time. In fact, I’ve highlighted a bull flag pattern, the “flag” being the reaction, or consolidation that took place since the first target was hit earlier this week, and that pattern measures almost exactly to where the T3 level was set when this trade setup was first posted (T3 lies just below the 4.45 resistance level.
Consider booking partial or full profits and/or raising your stops if/when T2 is hit (unless you already did so in pre-market). Adding a trailing stop once a price target is hit to allow for additional gains is also an option in lieu of booking partial or full profits at any of the initial price targets on a trade.