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Possible Bullish Inside Day Candle Pattern Detected for Teva Pharmaceutical Industries (NASDAQ:TEVA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teva Pharmaceutical Industries (NASDAQ:TEVA) based on the price action in the company's shares. Today's price range of $41.92 and $42.45 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Teva Pharmaceutical Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Teva Pharmaceutical Industries share prices have moved between a 52-week high of $72.31 and a 52-week low of $41.67 and are now trading 1% above that low price at $42.07 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.3%.

Teva Pharmaceutical Industries Ltd. develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients. The Company produces antibiotics, oncological products, Alpha D3 for treatment of post-menopausal bone loss in women and Copaxone for treatment of multiple sclerosis. Teva develops novel drugs for diseases of the central nervous system.

Teva Pharmaceutical Industries has overhead space with shares priced $42.07, or 45.7% below the average consensus analyst price target of $77.53. The stock should find initial resistance at its 50-day moving average (MA) of $55.60 and further resistance at its 200-day MA of $60.97.

SmarTrend recommended that its subscribers protect gains by selling shares of Teva Pharmaceutical Industries on September 27th, 2016 by issuing a Downtrend alert when the shares were trading at $49.93. Since that call, shares of Teva Pharmaceutical Industries have fallen 16.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Teva Pharmaceutical Industries

Ticker(s): TEVA