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Next Support Level for Mylan (MYL) is $27.54

Published on Tue, 01/08/2013 - 13:37
By Robert Cotter

Shares of Mylan (NASDAQ:MYL) opened today below their pivot of $27.93 and have already reached the first level of support at $27.73. Analysts will be watching for a cross of the next downside pivot targets of $27.54 and $27.15.

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 $27.60, which is 78% 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 advanced 0.9%.

Potential upside of 7.6% exists for Mylan, based on a current level of $27.60 and analysts' average consensus price target of $29.69. The stock should find initial support at its 50-day moving average (MA) of $26.77 and further support at its 200-day MA of $23.66.

By Robert Cotter
rcotter@fnno.com