Breakout Flag Indicates Higher Prices Ahead for Teva Pharmaceutical (TEVA)

02/15/2010 9:59 am EST

Focus: STOCKS

Teva Pharmaceutical (TEVA) - This worldwide pharmaceutical company known for its bio-generics and active pharmaceutical ingredients (APIs) has been in a bull market since 1999. 



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Its powerful advance makes it an institutional favorite, so whenever it falls to its 50-day moving average, buyers seem to rush to the stock.

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.

S&P rated TEVA a "five-star strong buy" with a price objective of $70.

By Sam Collins of OptionsZone.com

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