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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 $36.56 and $36.99 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 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 (NASDAQ:MYL) has potential upside of 34.2% based on a current price of $36.64 and analysts' consensus price target of $49.17. Mylan Nv shares should encounter resistance at the 200-day moving average (MA) of $38.36 and support at the 50-day MA of $35.41.

In the past 52 weeks, Mylan Nv share prices have been bracketed by a low of $29.39 and a high of $50.40 and are now at $36.64, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.8%.

SmarTrend is monitoring the recent change of momentum in Mylan Nv. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mylan Nv in search of a potential trend change.

Keywords: bearish inside day candle mylan nv

Ticker(s): MYL