MACK - Merrimack Pharmaceuticals

Industry: Biotechnology Sector: Healthcare

Sell Candidate
Fri 21'st Apr 2017

VOLUME
Sell
TREND
Hold
MV LONG
Sell
MV SHORT
Sell
PIVOT
Sell
MACD
Buy
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Merrimack Pharmaceuticals Stock Analysis

Technical stock analysis for Fri 21'st Apr 2017

Sell candidate since 2017-04-21

Merrimack Pharmaceuticals fell by -1.27% in the last day, from USD 3.16 to USD 3.12 The price has been going up and down for this period, and there has been a -3.41% loss for the last 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day, the trading volume fell by -312 728 shares and in total, 810 922 shares bought and sold for approximately USD 2.53 million.

Trend

Given the current horizontal trend you can expect Merrimack Pharmaceuticals with 90% probability to be traded between USD 2.96 and USD 3.32 at the end of this period with 90% probability. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Signals

There are few to none technical positive signals at the moment. Merrimack Pharmaceuticals holds sales signals from both short- and long-term moving averages. On corrections up there will be some resistance from the lines at USD 3.13 and USD 3.12. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Thursday April 20, 2017, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Relative Strength Index (RSI)

RSI14 is 53 and the stock is currently not being overbought or oversold

Support & Resistance

Merrimack Pharmaceuticals finds support from accumulated volume at USD 3.08, USD 3.06, and USD 3.02. On the upside the stock meets some resistance just above today's level from accumulated volume at USD 3.21, USD 3.23 and USD 3.16.

The stock is about to test the resistance from accumulated volume at USD 3.21 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Risk

This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved USD 0.07 (2.24%) between high and low. For the last week, the stock has had a daily average volatility of 4.08%.

Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.

Evaluation

Merrimack Pharmaceuticals holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Sell Candidate.

Sell Candidate

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