MYL finds support at 50-day moving average


Mylan N.V. (MYL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

MYL finds support at 50-day moving average
MYL closes lower for the 2nd day in a row
MYL breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, MYL finished the week 3.17% higher at 15.64 after losing $0.36 (-2.25%) today, strongly underperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 15.72, the share confirmed its breakout through the previous session low after trading up to $0.27 below it intraday.

Daily Candlestick Chart (MYL as at May 22, 2020):

Daily technical analysis candlestick chart for Mylan N.V. (MYL) as at May 22, 2020

Friday's trading range has been $0.52 (3.26%), that's below the last trading month's daily average range of $0.70. 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.

One bearish candlestick pattern matches today's price action, the Black Candle.

After trading as low as 15.45 during the day, Mylan N. V. found support at the 50-day moving average at 15.63. The last time this happened on May 13th, MYL actually lost -2.06% on the following trading day.

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Selling could accelerate should prices move below the nearby swing low at 14.80 where further sell stops might get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for Mylan N. V.. Out of 41 times, MYL closed higher 60.98% 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 six trading days, showing a win rate of 58.54% with an average market move of 0.08%.


Market Conditions for MYL as at May 22, 2020

Loading Market Conditions for MYL (Mylan N.V.)...
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