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Mylan (MYL) Approaches New Downside Target of $27.95

Published on Wed, 04/17/2013 - 09:45
By Robert Cotter

Mylan (NASDAQ:MYL) has opened bearishly below the pivot of $28.22 today and has reached the first level of support at $28.13. Investors may be interested in a cross of the next downside pivot targets of $27.95 and $27.68.

Potential upside of 16.3% exists for Mylan, based on a current level of $28.02 and analysts' average consensus price target of $32.60. The stock should hit resistance at its 50-day moving average (MA) of $29.37, as well as support at its 200-day MA of $26.14.

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.

Mylan share prices have moved between a 52-week high of $31.22 and a 52-week low of $15.49 and are now trading 81% above that low price at $28.02 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

By Robert Cotter
rcotter@fnno.com