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

By Shiri Gupta

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 $19.40 and $19.64 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.

Potential upside of 152.0% exists for Mylan Nv, based on a current level of $19.51 and analysts' average consensus price target of $49.17. Mylan Nv shares should encounter resistance at the 200-day moving average (MA) of $20.96 and support at the 50-day MA of $18.41.

In the past 52 weeks, shares of Mylan Nv have traded between a low of $17.02 and a high of $45.87 and are now at $19.51, which is 15% above that low price. The 200-day and 50-day moving averages have moved 0.9% lower and 0.1% 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.

SmarTrend is tracking the current trend status for Mylan Nv and will alert subscribers who have MYL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle mylan nv

Ticker(s): MYL