($MYL): Mylan weekly basis: bullish wedge in development
MMYL after the earnings release has lost ground: investors actually pushed back the price yesterday with a massive bearish candle over -6%. Although the picture for generics look less positive than expected in the years to come, we should consider that demand for such goods is always "on" and today's prices (for these companies) are keeping such trend embodied. On a weekly basis, MYL is developing an interesting bullish wedge by using the hystorical downtred of 2015 as lower edge. The day before yesterday we reached out the price needed for drawing the upper edge as you can see in the chart.
Interesting opportunity would be buy and sell within the edge right now but keep in mind that the wedge is almost complete so new buy opportunities will be there once the price will get out of it.
A confirmation of such trend has been seen the day before yesterday: massive panic sell followed by massive buy: in a day we have touched the two edges with a distance of 9% roughly in between. This is important also to fix SL and TP if you want to enter right now.
Interesting opportunity would be buy and sell within the edge right now but keep in mind that the wedge is almost complete so new buy opportunities will be there once the price will get out of it.
A confirmation of such trend has been seen the day before yesterday: massive panic sell followed by massive buy: in a day we have touched the two edges with a distance of 9% roughly in between. This is important also to fix SL and TP if you want to enter right now.
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