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Myriad Genetics Crosses Below its 10-day MA (MYGN)

Published on Mon, 07/29/2013 - 11:43
By Mallory Stone

Myriad Genetics (NASDAQ:MYGN) crossed under its 10-day moving average of $31.13 on a volume of 578K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Myriad Genetics share prices have been bracketed by a low of $17.51 and a high of $38.27 and are now at $30.39, 74% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.5%.

Myriad Genetics, Inc. develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, or catch disease at an early stage.

Myriad Genetics has overhead space with shares priced $30.39, or 18.5% below the average consensus analyst price target of $37.27. The stock should discover initial support at its 50-day moving average (MA) of $30.35 and subsequent support at its 200-day MA of $27.92.

By Mallory Stone
mstone@fnno.com