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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. Yesterday's price range of $19.22 and $19.58 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.

Mylan Nv (NASDAQ:MYL) has potential upside of 153.3% based on a current price of $19.41 and analysts' consensus price target of $49.17. The stock should find initial resistance at its 50-day moving average (MA) of $19.61 and further resistance at its 200-day MA of $22.75.

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 closed yesterday at $19.41, 17% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has remained constant.

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