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.