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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. Yesterday's price range of $36.24 and $36.54 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.

In the past 52 weeks, shares of Mylan Nv have traded between a low of $29.39 and a high of $50.40 and closed yesterday at $36.40, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

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.

Potential upside of 35.1% exists for Mylan Nv, based on a current level of $36.40 and analysts' average consensus price target of $49.17. The stock should find initial resistance at its 50-day moving average (MA) of $38.36 and further resistance at its 200-day MA of $39.73.

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 am inside day candle mylan nv

Ticker(s): MYL