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Possible Bullish Inside Day Candle Pattern Detected for Mylan (NASDAQ:MYL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mylan (NASDAQ:MYL) based on the price action in the company's shares. Today's price range of $39.98 and $40.93 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. Traders and investors interested in shares of Mylan may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mylan, Inc. develops, licenses, manufactures, markets, and distributes generic, brand and branded generic pharmaceutical products and active pharmaceutical ingredients . The Company sells its products to wholesalers, distributors, retail pharmacy chains, mail order pharmacies, group purchasing organizations, and healthcare professionals.

There is potential upside of 58.6% for shares of Mylan based on a current price of $40.12 and an average consensus analyst price target of $63.62. The stock should find initial resistance at its 50-day moving average (MA) of $45.99 and further resistance at its 200-day MA of $48.80.

Mylan share prices have moved between a 52-week high of $76.68 and a 52-week low of $15.49 and are now trading 159% above that low price at $40.12 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.7%.

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

Keywords: bullish inside day candle Mylan

Ticker(s): MYL