Mylan Bearish Signs

Published on Wednesday, 07 December 2011 04:03 Written by TradersHuddle Staff

New York, December 7th (TradersHuddle.com) - Shares of Mylan Inc. (NASDAQ:MYL) ended the trading session lower by $0.18 or -0.9% from its previous close. Mylan's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Mylan Inc. (NASDAQ:MYL) is a global generic and specialty pharmaceuticals company. The Company operates an active pharmaceutical ingredient manufacturer and runs a specialty business focused on respiratory, allergy, and psychiatric therapies.

Mylan's current stock range is defined by calculated support defined at $17.22 and by the resistance level at $20.35, which should be used by traders planning their trades.

Traders wanting to establish a position in Mylan stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Mylan shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: