Mylan (NASDAQ:MYL) traded at a new 52-week high today of $29.28. Approximately 1.7 million shares have changed hands today, as compared to an average 30-day volume of 4.9 million shares.

Potential upside of 6.2% exists for Mylan, based on a current level of $29.12 and analysts' average consensus price target of $30.92. The stock should find initial support at its 50-day moving average (MA) of $28.06 and further support at its 200-day MA of $24.44.

Mylan share prices have moved between a 52-week high of $29.28 and a 52-week low of $15.49 and are now trading 88% above that low price at $29.12 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.5%.

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.

SmarTrend recommended that subscribers consider buying shares of Mylan on July 16th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.15. Since that recommendation, shares of Mylan have risen 31.6%. We continue to monitor MYL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.