Friday, December 21, 2012

Teva Pharmaceutical (TEVA) threatens to pierce 7-month channel support

DEC21 0013EST. Teva Pharmaceutical Industries (TEVA) has today withdrawn to within a dime of 7-month price channel support, shown in the screenshot below as a dashed red line. This is the NAZDAQ-100 component's second recent visit to this support line -- the last occurred with Monday's (12/17) intraday low of $37.83. As such, penetration of the trendline is somewhat more likely, in which case TEVA might be a sound candidate for a short position.

TEVA. Apr 24, 2012 to present. Hourly candles.