• Return to Headlines

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

By Nick Russo

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 $20.69 and $20.91 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 131.9% exists for Mylan Nv, based on a current level of $21.20 and analysts' average consensus price target of $49.17. The stock should discover initial support at its 200-day moving average (MA) of $20.14 and subsequent support at its 50-day MA of $18.94.

In the past 52 weeks, shares of Mylan Nv have traded between a low of $17.02 and a high of $45.87 and closed yesterday at $21.20, which is 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.5%.

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.

SmarTrend recommended that subscribers consider buying shares of Mylan Nv on December 13th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.45. Since that recommendation, shares of Mylan Nv have risen 6.9%. We continue to monitor MYL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle mylan nv

Ticker(s): MYL