Mylan Tests Resistance After Pfizer Takeover Rumor

Mylan Labs (NYSE:MYL) shares are trading higher by $0.12 at $39.12 in Friday's session.

Around 10:30 a.m. ET, a takeover rumor of the company by Pfizer Inc. (NYSE:PFE) instigated a rally that found resistance in a familiar area of $39.50. This marks the fourth time since January 5 that the issue has found sellers at $39.50 area.

• January 5 at $39.47
• January 11 at $39.58
• January 12 at $39.44
• February 2 at $39.50

In today's session, it reached $39.50, but retreated back to the $39.00 area, which represents Thursday's closing. The high for the issue in 2017 is $40.08.