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January 5, 2009
Chart Of The Day: Teva Pharmaceutical Industries (TEVA) Is Good Medicine for A Long-Term Portfolio
November 13, 2007By Sam Collins
Teva Pharmaceutical Industries Ltd. (TEVA) -- This global healthcare company specializing in pharmaceuticals has taken a real beating along with most of the pharma group.
On Feb. 13, the Chart of the Day said, "[Teva] has signaled the third proprietary buy signal (CBR) and that from a triple bottom with a succession of closes above the 200-day moving average. A breakout over $36 has a target of $42."
The breakout occurred and the price target was achieved. But the long-term chart on TEVA shows that it could break from a big double-top with a new price objective of more than $60.
Sam Collins is ChangeWave's Chief Technical Analyst and a Registered Investment Adviser who manages portfolios for a fee. He can be reached at samailc@cox.net.
