Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

Teva Pharmaceutical (TEVA) - Anticipating Upside

Teva Pharmaceutical (TEVA) seems to be coming up from a price bottom and we might see some at least some limited upside in the short to medium-term. 

TEVA Daily Chart

(click to enlarge)

Trend Shift:
- TEVA has been bearish since the 2015 high of 72.31. 
- It made a 2017 low at 28.06 before a bullish swing.
- Note that this bullish wing pushed above a previous high as well as the 100-day simple moving average (SMA)
- Furthermore, the RSI pushed above 70, which suggests development of bullish momentum.
- I would not call this a bullish trend yet, but we might see some bullish correction in the short to medium-term term (months) against the almost-2-year downtrend.
Upside:
- I think we should limit the upside to 38 at the moment. 
- 38 is the next key resistance pivot. 
- When we look at the weekly chart, we should also look at when the RSI approaches 60. If price is around 38 concurrently, we should expect a bearish swing.
- I would not be surprsied by a push to 40 as well, but being that the prevailing trend is bearish, I would prefer a conservative bullish target.

TEVA Weekly Chart

(click to enlarge)