Bullish Moving Average Cross by Mylan (MYL)

Published on Wed, 03/11/2015 - 11:04
By Mallory Stone in Moving average crossovers, MYL, moving crosses, mylan, nasdaq:myl

Mylan (NASDAQ:MYL) crossed over its 10-day moving average of $56.57 on a volume of 7.4 million shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Mylan share prices have moved between a 52-week high of $59.92 and a 52-week low of $15.49 and are now trading 281% above that low price at $59.00 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Mylan (NASDAQ:MYL) has potential upside of 0.5% based on a current price of $59.00 and analysts' consensus price target of $59.31. The stock should discover initial support at its 50-day moving average (MA) of $55.58 and subsequent support at its 200-day MA of $52.01.

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.

By Mallory Stone
mstone@fnno.com

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