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Rant & Rave Blog

Mylan NV (MYL) Technical Signal Says Upside Near Term

Posted by Gareth Soloway Thursday, May 16, 2019, 01:15PM ET

Read 296 times

Shares of Mylan NV (MYL) have collapsed in the last two weeks, falling from over $28/share to under $20.00/share. This drop is a continuation of the down-trend which started when the stock was $48/share in early 2018. While nasty and ugly, pro traders are starting to take interest after Mylan put in a strong bottoming tail yesterday. Bottoming tails are bullish reversal signals. This means there is likely a near-term pop in the stock. Based on technical charts, Mylan has upside back to $26 before running into major resistance. Pro traders are moving into the stock, looking for this pop.

 

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