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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. Today's price range of $22.01 and $22.45 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.

There is potential upside of 119.5% for shares of Mylan Nv based on a current price of $22.40 and an average consensus analyst price target of $49.17. The stock should hit resistance at its 200-day moving average (MA) of $24.75, as well as support at its 50-day MA of $19.14.

Mylan N.V., together with its subsidiaries, develops, licenses, manufactures, markets, and distributes generic, brand name, and over-the-counter (OTC) products worldwide.

In the past 52 weeks, Mylan Nv share prices have been bracketed by a low of $16.63 and a high of $42.50 and are now at $22.40, 35% above that low price. The 200-day and 50-day moving averages have moved 1.2% lower and 0.64% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Mylan Nv on July 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.79. Since that recommendation, shares of Mylan Nv have risen 8.4%. We continue to monitor MYL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle mylan nv

Ticker(s): MYL