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Mylan (MYL) Approaches New Downside Target of $36.26

Published on Thu, 08/15/2013 - 10:05
By Robert Cotter

Mylan (NASDAQ:MYL) has opened bearishly below the pivot of $36.90 today and has reached the first level of support at $36.54. Analysts will be watching for a cross of the next downside pivot targets of $36.26 and $35.62.

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 $37.47 and a 52-week low of $15.49 and are now trading 134% above that low price at $36.22 per share. The 200-day and 50-day moving averages have moved 0.68% higher and 1.27% higher over the past week, respectively.

Mylan (NASDAQ:MYL) is currently priced 11.1% above its average consensus analyst price target of $32.21. The stock should discover initial support at its 50-day moving average (MA) of $32.51 and subsequent support at its 200-day MA of $29.53.

By Robert Cotter