by Sam Collins 07/03/08
Teva Pharmaceutical Industries (TEVA) -- This global healthcare company specializing in pharmaceuticals has been in a bull market since 1999. TEVA has been a favorite of The Trade of the Day for more than a year and during that time it has risen better than 60%.
On Feb. 4, with TEVA at $46.45, we said, "Following the breakout, TEVA consolidated just above the 200-day moving average and recently issued a stochastic buy signal."
And on April 14 we wrote, "TEVA has picked up impressive volume and is driving against its all-time high. The target remains above $60. TEVA ran into some profit taking and since then has consolidated around its 200-day moving average, but the trading target is still $60."
TEVA pulled back to $42 but reversed on high volume. However it will have to close above $48 to confirm our prior target of $60.
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