Wednesday, June 19, 2013

MYL Mylan Labs Weekly and Daily Charts Rising Wedge Overbot Negative Divergence

Mylan has enjoyed a long run higher from 16 to 32, a double, in one and one-half years time. The overbot conditions, rising wedges and universal negative divergence across all indicators hint that MYL is topping and ready to roll over. A big push higher occurs in June bouncing off the lower trend line on the daily chart and now already at the upper trend line again. Price has some near-term momo so some further highs may be explored but the charts show that Mylan is in lofty territory. The weekly candlestick will change as this week continues but interestingly it is showing a hanging man currently which signals a potential trend change. Keystone opened a short position yesterday. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

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