Myriad Genetics, Inc. : Near a solid support area

02/19/2013 | 09:00am Opinion : Bullish above 24.2 USD Target price : 26.1 USD Stop loss: 23.6 USD

NASDAQ Pharmaceuticals - Generic / Specialty

Myriad Genetics' share price was heavily penalized and is now in an oversold situation near to a solid support area.

Myriad Genetics is technically oversold and is near to the USD 24.2 support. This situation gives credit to a potential technical rebound. Thus, the stock could find new energy and would rise towards the next USD 26.1 resistance.

So as to make the most of a potential technical rebound of Myriad Genetics, it seems opportune to take a long position at the current price. A confirmation of this pattern would enable the security to reach the USD 27.62 resistance, with a potential gain of 13.2 %. Investors should not insist under USD 24.19 and place a stop loss order under this threshold.

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