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

By Amy Schwartz

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. Today's price range of $40.12 and $40.41 is within yesterday'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.

Over the past year, Mylan Nv has traded in a range of $29.39 to $50.40 and is now at $40.30, 37% above that low. The 200-day and 50-day moving averages have moved 1.03% lower and 0.68% lower over the past week, respectively.

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.

There is potential upside of 7.1% for shares of Mylan Nv based on a current price of $40.30 and an average consensus analyst price target of $43.18. The stock should find initial resistance at its 50-day moving average (MA) of $45.99 and further resistance at its 200-day MA of $48.80.

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 inside day candle mylan nv

Ticker(s): MYL