Teva Pharmaceutical (TEVA) — This pharmaceutical company, which is known for its biogenerics and active pharmaceutical ingredients (APIs), has been in a bull market since 1999. Its powerful advance makes it an institutional favorite, so whenever it falls to its 50-day moving average, buyers seem to rush into the stock.
On Feb. 12, I said, “The recent pullback to the 50-day moving average resulted in the normal buying, but shoved it from a small flag that tells us that the advance will more than likely continue with a target in the mid-$60s or higher.”
And on March 23, I said, “Last week’s breakaway gap on huge volume suggests that TEVA could just be starting another major move higher. But the recent run-up also adds to the risk of buying at the current level. New investors may want to buy a half position now and add to it on a pullback to $60.”
Yesterday, TEVA reversed to a buy signal from the stochastic after briefly trading under $60. You should buy now and bring all positions in TEVA to 100%. My target is $70.
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