Don't Ignore This Chart

TEVA Breaks Out


Teva Pharmaceuticals (TEVA) pushed to new highs and looks good to correlate with Arthur Hills article yesterday of Healthcare leading. Lots of nice things on this chart but the breakout is the best signal. I wouldn't let it breach the 10-week moving average on the downside. The PPO is making a turn up while above zero which is particularly bullish.

It's a good week to pay attention to the broader industries as the $SPX tests the prior high. Be a little more cautious if the breakout fails to hold over the next few days.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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