After Yesterday's Rally of 3.56% Shares Could Potentially Pullback
Mylan (NASDAQ:MYL) traded in a range yesterday that spanned from a low of $48.60 to a high of $50.40. Yesterday, the shares gained 3.6%, which took the trading range above the 3-day high of $49.32 on volume of 4.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Mylan has traded in a range of $15.49 to $76.68 and is now at $50.11, 223% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.7%.
SmarTrend recommended that subscribers consider buying shares of Mylan on June 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.92. Since that recommendation, shares of Mylan have risen 10.5%. We continue to monitor MYL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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