In September, we saw that price action in Teva Pharmaceutical $TEVA was shaky and likely to break below a rising trendline support. Price Action Shaky As Teva Pharmaceutical (TEVA) Tests the 200-day SMATEVA Daily Chart(click to enlarge)Bearish Breakout:- Since we last looked at TEVA, price has been consolidating mostly between $20 and $22- The rejection at $22 and eventual break below $20 during the 10/24 session suggests the market is turning bearish.Bearish Continuation:- The question might arise whether this pending bearish swing is part of a correction, or a primary trend.- When we look at the weekly chart, we have more reasons to believe that this is part of a bearish continuation swing. In other words, the bullish market in late 2017 until mid-2018 was probably the correction and the primary mode is probably still bearish.- In this scenario, we should anticipate a dip to test the $11-$12 area, around the 2017-lows.- If TEVA gets a bullish pullback, but holds under $20, we can be even more confident of this bearish scenario towards $11-$12. - At this point, a break above $22 will be needed to revive a bullish outlook.TEVA Weekly Chart(click to enlarge)