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Possible Bearish Inside Day Candle Pattern Detected for Mylan Nv (NASDAQ:MYL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mylan Nv (NASDAQ:MYL) based on the price action in the company's shares. Yesterday's price range of $37.72 and $38.46 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Mylan Nv may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mylan Nv (NASDAQ:MYL) has potential upside of 30.0% based on a current price of $37.82 and analysts' consensus price target of $49.17. Mylan Nv shares should encounter resistance at the 200-day moving average (MA) of $39.72 and support at the 50-day MA of $37.69.

Mylan NV is a global generic and specialty pharmaceuticals company. The Company operates an active pharmaceutical ingredient manufacturer and runs a specialty business focused on respiratory, allergy, and psychiatric therapies.

Over the past year, Mylan Nv has traded in a range of $29.39 to $50.40 and closed yesterday at $37.82, 29% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

SmarTrend is monitoring the recent change of momentum in Mylan Nv. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mylan Nv in search of a potential trend change.

Keywords: bearish am inside day candle mylan nv

Ticker(s): MYL