2. Next, let's look at MannKind, a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diabetes and cancer in the U.S.
MannKind traded big yesterday, closing up 6.53% to $7.01 per share.
- Wednesday's range: $6.58 - $7.24
- 52-week range: $3.80 - $8.70
- Wednesday's volume: 16,617,021
- 3-month average volume: 10,317,400
MannKind tried to break out yesterday, but failed to close above the $7.01 breakout level. We need to see confirmation today -- continued strength and increased volumes -- to get into this trade.
Mannkind is "newsy," and can be volatile, so watch this trade closely. I would enter this trade on any positive trading, and start with a 1/4 position, then add to it as it crosses the $7 level.There is resistance at yesterday's high of $7.24-ish, then again at $7.50, and the recent high of about $8. Target the 52-week high of $8.70, which is 18% from yesterday's close, but don't be afraid to take smaller profits of just a couple of percentage points. That is still a win. I'd set a stop at $6.10 and stay long until you see a sell signal or a close below the t-line. 3. Next is Office Depot, the office supply company. Office Depot traded down yesterday, down 3.47% to $5.29 per share.
- Wednesday's range: $5.27 - $5.52
- 52-week range: $3.77 - $5.85
- Wednesday's volume: 21,554,173
- 3-month average volume: 10,536,700
"Mankind is divided into three classes: those that are immovable, those that are movable, and those that move.">>Read More: Bonds Are Outperforming Stocks This Year >>Read More: 5 Lowest-Priced 2014 Cars You'll Actually Want to Drive >>Read More: Gannett Turns the Page and Continues the Transformation At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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