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I See Technical Upside In This Pharmaceutical Play

Published 05/16/2019, 01:40 PM
Updated 05/14/2017, 06:45 AM

Shares of Mylan (NASDAQ:MYL) have collapsed in the last two weeks, falling from over $28/share to under $20. That drop is a continuation of the down-trend that started when the stock was trading at $48/share in early 2018. While nasty and ugly, pro traders are starting to take interest after Mylan put in a strong bottoming tail on Wednesday.

Here's The Trade

Bottoming tails are bullish reversal signals, which mean there is likely a near-term pop in the stock. Based on the technical charts, Mylan has upside back to $26 before running into major resistance. Pro traders are moving into the stock, looking for this pop.
Mylan

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trend is your friend...
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