MYL pushes through 20-day moving average
Mylan N.V. (MYL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
MYL ended the week -3.22% lower at 37.21 after gaining $0.60 (1.64%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (MYL as at Aug 10, 2018):
Friday's trading range was $1.15 (3.15%), that's slightly above last trading month's daily average range of $1.13. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 36.74 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 38.75. After having been unable to move lower than 36.47 in the prior session, the market found buyers again around the same price level today at 36.36.
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. Mylan N. V. managed to break above the 20-day moving average at 36.82 today for the first time since July 30th.
With prices trading close to this year's low at 34.95, downside momentum might accelerate should the share break out to new lows for the year.