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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 $36.25 and $36.54 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.

Mylan Nv has overhead space with shares priced $36.25, or 26.3% below the average consensus analyst price target of $49.17. Mylan Nv shares should first meet resistance at the 50-day moving average (MA) of $38.35 and find additional resistance at the 200-day MA of $39.71.

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.

Mylan Nv share prices have moved between a 52-week high of $50.40 and a 52-week low of $29.39 and are now trading 23% above that low price at $36.25 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.5%.

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