MYL unable to break through key resistance level
Mylan N.V. (MYL) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
MYL finished Tuesday at 27.07 gaining $0.14 (0.52%) on low volume, slightly outperforming the Nasdaq 100 (0.34%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (MYL as at Apr 16, 2019):
Tuesday's trading range has been $0.45 (1.66%), that's below the last trading month's daily average range of $0.63. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MYL. Prices continued to consolidate within a tight trading range between 26.59 and 27.43 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on July 19, 2018, MYL actually lost -0.31% on the following trading day.
Unable to break through the key technical resistance level at 27.18 (R1), the share closed below it after spiking up to 27.27 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 27.43 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 26.59 where further sell stops might get activated. With prices trading close to this year's low at 26.00, downside momentum could accelerate should Mylan N. V. break out to new lows for the year. Further selling might move prices lower should the market test March's nearby low at 26.35.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Mylan N. V.. Out of 726 times, MYL closed higher 52.62% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.55% with an average market move of 0.69%.