Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) fell by -1.53% in the last day from $1.31 to $1.29 and has now fallen 3 consecutive sessions. The price has fallen in 6 out of the past ten trading days, but is still up by 0.78% during the last two weeks. Volume has increased in the last day by 0.79 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 1.83 M shares exchanged hands for about $2.37 million.
Inside MACK’s Recent Trend
Merrimack Pharmaceuticals, Inc. (MACK) lies in the middle of a very wide and falling trend in the short term and pointed towards extra losses. Short-term traders are anticipated to see a retreat of -61.61% over the course of a quarter and, with 90% chance the price will be floating in the range of $0.02 and $0.70 in this timeframe.
Merrimack Pharmaceuticals, Inc. Technical Signals
MACK has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $1.36 and $1.40. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Friday July 07, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. Volume up and price depreciating is getting our attention as this movement is seen as bearish sign.
Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) Support And Resistance Levels
Merrimack Pharmaceuticals, Inc. (MACK) recorded volume accumulation so there will probably be a surplus of buyers at $1.27, $1.19, and $1.16. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $1.35, $1.43 and $1.52.
Accumulated volume is going to prevent the price from rising further at $1.35 and this action will lead the price to take a temporary pause or stay muted for a few days.
Merrimack Pharmaceuticals, Inc. (MACK) Risk Assessment
A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.07 between high and low, or 5.60%. The average volatility for the past week stood at 5.18%.