HUGE breakout now in process...
... and the market has yet to open!
Teva Pharmaceuticals/TEVA, oft-recommended and for a long time now, is staging this moment the breakout from its base of the past 4 1/2 months. As of 6:00 am pdt, it has traded ~1,200,000 shares, ~25% of its average daily volume of 4,700,000. The high in pre-opening trading activity is $43.23; Friday's close is $40.50. I do not know the news to account for this sudden spurt of activity, but as soon as I learn it, I will share it.
Teva Pharmaceuticals/TEVA, oft-recommended and for a long time now, is staging this moment the breakout from its base of the past 4 1/2 months. As of 6:00 am pdt, it has traded ~1,200,000 shares, ~25% of its average daily volume of 4,700,000. The high in pre-opening trading activity is $43.23; Friday's close is $40.50. I do not know the news to account for this sudden spurt of activity, but as soon as I learn it, I will share it.
[click image to enlarge]
The trend line of declining tops I have drawn in the chart above is one interpretation; I believe it is the correct one. It could be drawn more liberally -- connecting the intra-day highs, for example -- but in either identification, this moment is the one sought for lo the past 4 1/2 months. Of course, the shares could futz about today after the opening gap higher in price, but that would count as mere (short term) noise compared to the change in momentum: to suddenly bullish from meandering. Buy now, IF you are a breakout buyer. I know I will purchase more.
-- David M Gordon / The Deipnosophist
posted by David M Gordon | 6:03 AM
<< Home