MDGL Stock Tickeron detected bearish Stock Pattern: Head-and-Shoulders Top on July 19, 2024

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07/20/24

Head-and-Shoulders Top

MDGL - Madrigal Pharmaceuticals

Emerged: 07/19/24

Breakout: $270.54

Price: $279.13

Target price: $248.11

A.I.dvisor detected a bearish Head-and-Shoulders Top pattern for MDGL stock. This pattern was detected on July 19, 2024 . The odds of reaching the target price are 6. The pattern forms with a center peak (the Head, labeled 3) and left and right Shoulders (1, 5). Eventually the security stops testing highs and reverses trend into a decline. Consider selling a security short before it declines or buying a put option to benefit from the price decline. To improve success chances, wait for a confirmation move: allow the price to break below the Neckline level (2, 4), which is calculated as the average of the two lows between the Head and the Shoulders.

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