MannKind Corporation (MNKD): Another Breakout Ahead?

technical chart lookCorey Rosenbloom: Volatile stock MannKind Corporation (NASDAQ:MNKD) crossed traders’ scans this morning with a breakout opportunity.

Let’s take a look at the breakout set-up and note the key levels to watch for protection and profit:

I highlighted three prior areas from the stocks’ journey higher in 2014 and you can compare the outcome.

February resulted in a small breakout that reversed into the $6.50 upper Bollinger target while March’s breakdown collapsed the stock to the $4.00 level.

After the gap and stable sideways action into May, price broke above the $7.00 per share level but this time volume flooded into the stock as the price traded higher in a strong bullish impulse that carried price straight-up from $7.00 to the current $11.00 stable rectangle level.

That’s where we pick-up today’s set-up where shares trigger another breakout trading opportunity.

For another recent breakout opportunity, view my post from last week on a similar set-up in 3-D printing stock 3D Systems (DDD).

So far, volume is strong on the breakout into “Open Air” (no resistance) above $11.00 per share but as always, traders taking the aggressive pro-trend breakout must protect themselves should price trade back under the resistance barrier at the $11.00 per share level.

For price (trade) planning, any “surprise” reversal back into the rectangle ($10.00 to $11.00) should lead to a sudden retest of the $10.00 per share support target.

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