MNKD has reached and exceeded my initial target of $4.85-$4.90 and is currently digesting quite a bit of resistance at the $5.00-5.25 level. The resistance is the result of prior lows in the $5.00 area in Oct. 2009, May 2010, and Jan. 2011. All of these prior lows which at one time were support have now become resistance resulting from when the stock crashed in early 2011. I would not be surprised if the PPS stalls in here as it attempts to crack through the resistance. The PPS also could go back and test the $4.50 level where the most recent breakout occurred.

If the PPS can works its way through the $5.00-$5.25 resistance, the next target is $6.00 level which is where the long term down trend line comes in. The long term down trend line is likely to pose additional significant resistance as we move ahead. A break through this long term down trend line will be extremely bullish and prices could easily accellerate to my longer term price target of $8.50.