Draw Down Your Dosage of Mylan

by Sam Collins | August 8, 2013 2:30 am

Draw Down Your Dosage of Mylan

Mylan (MYL[1]) –¬†On May 29, with Mylan at under $32, I suggested MYL as a trade with a target of $36, saying:

“In mid-May the stock broke through a double top to new all-time highs on high volume and a CBR buy signal, and the MACD is bullish. The trading target for MYL is $36, but long-term investors will probably enjoy a higher return.”

Despite a recent upgrade by UBS in which it raised its 12-month target on Mylan to $39 from $36, current market conditions suggest that traders should take profits in stocks that have attained short-term goals. Since it is likely that MYL could retreat through the recent continuation gap, sell now, but buy again on a retracement under $34.

MYLprofits 300x187 Draw Down Your Dosage of Mylan
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chart key Draw Down Your Dosage of Mylan[2]

Endnotes:
  1. MYL: http://studio-5.financialcontent.com/investplace/quote?Symbol=MYL
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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