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Mylan (MYL) Breaks Through Resistance at $27.65

Published on Wed, 01/02/2013 - 10:40
By Mallory Stone

Shares of Mylan (NASDAQ:MYL) have bullishly opened above the pivot of $27.29 today and have reached the first resistance level of $27.65. Should the shares continue to rise, the resistance pivots of $27.85 and $28.41 will be of interest.

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.

In the past 52 weeks, shares of Mylan have traded between a low of $15.49 and a high of $28.50 and are now at $27.80, which is 79% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.0%.

Mylan (NASDAQ:MYL) has potential upside of 5.2% based on a current price of $27.80 and analysts' consensus price target of $29.25. The stock should find initial support at its 50-day moving average (MA) of $26.46 and further support at its 200-day MA of $23.56.

By Mallory Stone
mstone@fnno.com

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