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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mylan Nv (NASDAQ:MYL) based on the price action in the company's shares. Yesterday's price range of $21.54 and $21.70 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. Traders and investors interested in shares of Mylan Nv may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 127.2% exists for Mylan Nv, based on a current level of $21.64 and analysts' average consensus price target of $49.17. Mylan Nv shares have support at the 50-day moving average (MA) of $19.99 and additional support at the 200-day MA of $19.78.

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 share prices have moved between a 52-week high of $45.87 and a 52-week low of $17.02 and closed yesterday at 27% above that low price at $21.64 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.3%.

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: bullish am inside day candle mylan nv

Ticker(s): MYL