Tuesday, September 17, 2019 1:45:52 PM
Shares of Teva Pharma (TEVA) continue to see major accumulation in the face of bad sector news. This is extremely bullish. Recently, companies in the sector have teased bankruptcy with some actually filing. Teva has not made new lows on this news and is actually higher. This tells you big money does not believe Teva will need to file and will survive all the lawsuits from the opoiod epidemic.
The biggest chart signal for major upside is the bull flag formation on the daily chart, just above the daily 50 and 20 moving averages. This setup is a high reward setup. Based on calculations, 6 month target is $13 while the 1 month target is $10.
This setup is one swing traders dream about. It is multi-factor and historically plays out 80% or more of the time. The added big money accumulation is significant as well.
Gareth Soloway
InTheMoneyStocks
Recent TEVA News
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