ChangeWave.com Home Page
Market Overview
 
Dow 8,952.89 -81.80
 
NASDAQ 1,628.03 -4.18
 
S&P 927.45 -4.35


Services Tools Corporate
January 5, 2009

Trade of the Day: Get Defensive with Teva Pharmaceuticals (TEVA)

January 09, 2008

By 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.