Teva pharmaceuticals bullish breakout

Teva pharmaceuticals bullish breakout

Teva pharmaceuticals has since october 2015 been in a downtrend. The price has gone down from 72 when it was on the highest level downto 11. Now the price is 21.23 and on the W1 chart, the MA50 line has been crossed this week which can indicate the downtrend has stopped.
We are now waiting for the resistance line at 22.90 will be crossed and tested. If that happens, then we will see new higher hights and higher lows and after that we will look for an optimized entry point.
It is important that the resistanceline will be crossed and tested, otervise the price often capitulate and drops repidly and we do not want that at all 🙂

Teva pharmaceuticals bullish breakout

Teva pharmaceuticals bullish breakout

We can see, that the price has crossed MA50 and RSI has crossed the middleline. We just need MACD to cross the 0 line aswell and a breakout of resistance line, then we are ready for a long position.
An agressive trader will start a long position right now, but we believe there still is a risc, that the resistanceline will not be crossed. We dont want to bet against the resistanceline, but want to gain higher successrate and higher profit on a longer time perspective.

On the D1 Chart it also looks good.
The MA200 line was crossed and RSI and MACD completed successfully crosses aswell around May 8th 2018. So D1 chart looks bullish, please see below image. Even the price has retested the resistanceline and has now turned resistance into support area.

Remember that Pharma companies are high risc investments, but also a possible 100-200% profit oppotunity.

Wait for the 22.90 line to be broken and set a SL around 16.00.

Be carefull out there and remember when stockmarked goes down, the XAUUSD goes up 🙂