Here is a summary of today's important moving average crossovers. Valeant Pharmaceuticals Intl Inc (NASDAQ:VRX) stock is facing resistance from its 200-day moving average. Plug Power Inc (NASDAQ:PLUG) stock has found support from its 100-day moving average and MannKind Corporation (NASDAQ:MNKD) stock broke out above key resistance levels and is poised for more upside moves. If you want to see the complete set of technical trading ideas for today check them out here.
Valeant Pharmaceuticals Intl Inc (NASDAQ:VRX) stock is looking to break out.
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are still down by about 10% after the Canada based specialty pharma company had posted its second quarter's earnings on August 8th. Valeant stock plummeted after the company had revised its FY 2017 revenue guidance lower. However, the stock looks to have bottomed out for now and has been inching upwards in the last few trading sessions. Valeant stock is now facing resistance from the 200-day moving average. If the stock manages to break above the resistance line then it will head higher.
In an interview to Mad Money's Jim Crammer, CEO Joe Papa had expressed confidence about Valeant's turnaround plan. Adding that the first 15 months of tenure has been tough, Papa said: "I believe that the new products we have are going to generate the returns for our shareholders that we need to generate,". "We feel really good about what we're doing. We have zero debt maturities between now and 2020, so that gives you a real chance to invest in the business." he further added
Plug Power Inc (NASDAQ:PLUG) stock finds support from the 100-day moving average.
Shares of alternative energy technology provider Plug Power (NASDAQ:PLUG) have tanked over 12% in the last ten days. While the Plug Power stock started to tank a day before its second quarter earnings, the miss on EPS estimate further accentuated the decline. The stock is facing resistance from its 50-day moving average and MACD has also turned bearish. However, the stock has found support from its 100-day moving average and has been trading around the support level over the last week. The support from the 50-day moving average is likely to continue for now.
MannKind Corporation (NASDAQ:MNKD) stock breaks out.
In a massive move, shares of biopharmaceutical company MannKind (NASDAQ:MNKD) jumped over 13% in yesterday's trade, breaking out above the resistance from key technical indicators. After several attempts, MannKind stock broke above the 100-day moving average resistance line in yesterday's trade. As can be seen from MannKind technical chart below, the 100-day moving average had acted as a strong resistance level on multiple occasions over the past couple of months. A breakout above such strong resistance level indicates that MNKD stock is gaining momentum and is poised for more gains. MannKind stock also broke above the 50-day and 20-day moving averages. Further reinforcing the bullish sentiment, MACD is also about to make a bullish crossover above the center line. All in all, MannKind stock looks poised for more upside moves.
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