Madrigal's 15-minute chart shows KDJ Death Cross, Bearish Marubozu formation.

According to the 15-minute chart of Madrigal, a KDJ Death Cross and a Bearish Marubozu were triggered on September 2, 2023 at 14:45. This indicates that the momentum of the stock price is shifting towards the downside, with a potential for further decreases, as sellers are in control of the market. Consequently, the bearish momentum is likely to persist.

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) has been in the spotlight following its recent conditional marketing authorization for Rezdiffra from the European Commission. The biotechnology company's stock has surged more than 8.5% since the announcement, reflecting the bullish sentiment on Wall Street. However, a recent technical analysis indicates a potential shift in momentum.

On September 2, 2023, at 14:45, Madrigal's 15-minute chart triggered a KDJ Death Cross and a Bearish Marubozu. These signals suggest that the stock's momentum is shifting towards the downside, with sellers gaining control of the market. Analysts at Leerink Partners maintained a Buy rating on the stock, but without disclosing a price target, which may have contributed to the recent price surge [1].

Rezdiffra, the company's treatment for noncirrhotic MASH and moderate to advanced liver fibrosis, is now the first and only therapy approved for MASH in Europe. This approval aligns well with European treatment guidelines and marks a significant milestone for Madrigal. Management plans to start selling Rezdiffra in Germany and then expand across Europe, positioning the company for growth in the European market.

Despite the positive news, the technical indicators suggest a potential for further decreases in the stock price. Investors should closely monitor the stock's performance and consider the implications of the bearish momentum.

References:
[1] https://finance.yahoo.com/news/leerink-partners-maintains-buy-madrigal-034955145.html