NASDAQ:MYL is breaking out of a wedge that it has been consolidating in for nearly four years. This wedge appears to be a retest of the breakout from resistance that occurred in 2013, which was followed by a large rally during the "biotech bubble". I expect the wedge breakout to take us back to the all-time highs, at a minimum, and potentially to $100/share.
Disclosure: I am long NASDAQ:MYL
Disclosure: I am long NASDAQ:MYL
Comment:
We appear to have found resistance at the $45 pivot from the March 2017 high. This is the perfect area to consolidate some of the recent gains in the short-term before continuing higher over the long-term. I plan to continue holding my position in Mylan as the long-term charts continue to look bullish.
Trade active:
The Mylan trade continues to perform as expected. We are to the point of being overbought on the 3 day chart, therefore a consolidation or light pullback is a high probability. Remember, this trade was a set up on the monthly charts, so don't try to trade the small ups and downs. I continue to expect at least a retest of the all-time highs, so for now, treat each small decline as another buying opportunity.
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