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Fan Yang

Teva Pharmaceutical (TEVA) Remains in a New Bearish Channel

Teva Pharmaceutical $TEVA formed a price top, and broken below a year-long rising wedge back in late October. We saw this as a bearish signal:

Teva Pharmaceutical (TEVA) - Bearish Targets After Breakout (10/25)

But soon after the bearish breakout, TEVA's share price stalled around $20 and rebounded. We noted that this rebound would test the price top, and noted critical resistance in the $23-$24 area. 

Teva Pharmaceutical (TEVA) - Broken Wedge Support Tested as Resistance (11/7)

TEVA Daily Chart

(click to enlarge)

Bearish Channel:
- Price essentially respected the wedge support as resistance.
- But more importantly, it respected a new projected channel resistance. 
- There is some bearish bias at least to come back and test the $20 level as support.
- However, I think there is downside risk towards at least the $17 area.
- At this point, a break above $24 would be a major bullish continuation signal.

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