Mylan (MYL) is a strong chart technically and the price action this week is pretty interesting.
Mylan had a nice surge from October to November moving 30%. After building a consolidation pattern sideways, Mylan pushed up against resistance late last week. After a brief pullback, Mylan is breaking above resistance today.
With the SCTR pushing back above 75, the stock is behaving very well and outperforming 75% of its peers. We can see the relative strength in purple has started to accelerate as well.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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