MYL closes lower for the 2nd day in a row
Mylan N.V. (MYL) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, MYL finished Thursday at 39.51 tanking $2.16 (-5.18%) on high volume. This is the biggest single day loss in over seven months. Today's closing price of 39.51 marks the lowest close since June 4th. Closing below Wednesday's low at 41.64, the market confirms its breakout through the previous session's low having traded $2.84 below it intraday.
Daily Candlestick Chart (MYL as at Jun 14, 2018):
Thursday's trading range was $2.19 (5.36%), that's far above last trading month's daily average range of $1.02. Weekly volatility is also higher, being way above the markets average with the monthly volatility being below average.
After trading as low as 38.80 during the day, Mylan N. V. bounced off the key support level at 39.07. The failure to close below the support might increase that levels importance as support going forward. Breaking below the key support level at 39.91 today, it is now likely to act as resistance going forward. After trading as low as 38.80 during the day, the share found support at the 200-day moving average at 39.16.
Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. MYL broke below the 100-day moving average at 40.57 today for the first time since April 11th.
As prices are trading close to June's low at 38.30, downside momentum might speed up should the market mark new lows for the month.