We'll soon find out. But, as a short-term trader, I'd have sold Mylan (MYL) into the close today. A close above 40.09 on heavy volume would confirm a breakout. Today, MYL hit 41.59 intraday, but fell all the way back to close at 40.01 as it failed to hold its breakout into the close. Given that nearly 20 million shares changed hands - one of the heaviest volume days of 2017 - that false breakout, reversal and long tail to the upside is quite ominous. The rising 20 day EMA looks like a short-term target to the downside:
It certainly had the prerequisite volume that I'd look for to confirm a breakout. One bright spot is that the MACD has now been above its centerline for nearly three months and that's indicative of bullish price momentum. A confirmed heavy volume close above 40.09 is what's needed to really get MYL rolling.
Happy trading!
Tom
