Breakout Flag Indicates Higher Prices Ahead for Teva Pharmaceutical (TEVA)
02/15/2010 9:59 am EST
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.
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