Mylan near Resistance

Published on Monday, 15 March 2010 08:32 Written by Christian Paolinetti

New York, March 15th (TradersHuddle.com) - Shares of Mylan Inc. (NYSE:MYL) are trading very close to calculated resistance at $22.05 with the current price action closing at just $21.95 placing the stock near levels that make it difficult to buy.

Mylan Inc. (NYSE: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 current calculated support defined at $17.29 and by the resistance level at $22.05, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Mylan, as the stock is well above support, however, as the stock pulls back towards $17.29 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $22.05 then traders will get an opportunity to enter Mylan stock by establishing a position as the stock moves to a higher range.