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Bullish Moving Average Cross by Mylan (MYL)

Published on Thu, 04/11/2013 - 11:11
By Robert Cotter

Mylan (NASDAQ:MYL) crossed over its 10-day moving average of $28.66 on a volume of 2.0 million shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Over the past year, Mylan has traded in a range of $15.49 to $31.22 and is now at $29.00, 87% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

There is potential upside of 12.4% for shares of Mylan based on a current price of $29.00 and an average consensus analyst price target of $32.60. The stock should hit resistance at its 50-day moving average (MA) of $29.36, as well as support at its 200-day MA of $25.99.

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 Robert Cotter
rcotter@fnno.com