Sunday, April 22, 2007

TEVA Analysis for 04.22.2007

Monthly chart shows strong resistance level at the $38.48 high. Buyers haven't been able to take the price higher in the last 3 months.

Weekly chart shows a double top at the $38.48 high. The chart also shows a bearish butterfly pattern into the .618 fib level.

Daily chart shows a lower high made with backend resistance at the $37.50 area. Downside target is the $35.75 area initially. Sellers came out in force on Friday, with a gap up at the open, but a re-test of the $37.50 area brought out the sellers. The stock closed near the lows for the day,with a test of the week's low at $36.71

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