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January 5, 2009
Trade of the Day: Get Defensive with Teva Pharmaceuticals (TEVA)
January 09, 2008By Sam Collins
Teva Pharmaceutical Industries Ltd. (TEVA) -- This global healthcare company specializing in pharmaceuticals has been in a bull market since 1999.
On Nov. 13 the Chart of the Day said, "The long-term chart on TEVA shows that it could break from a big double-top with a new price objective of over $60." The pharmaceutical group is generally considered defensive (advancing while other groups decline), and TEVA illustrated that this month by breaking out on a high volume breakaway-gap -- a very bullish signal. The target of $60-plus is still viable.
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.
