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Repeating Pattern - Long Hold

Posted by StockBuz on June 5, 2011 at 3:41pm
Once in a while you come across a long term chart and *wham* it's a vision of a perfect repeating pattern. That's what I found in TEVA. As this monthly chart demonstrates, each time it sells off, it retraces approx. 61.8% then turns higher. Here you go. Now the perfect entry would've been near $45 however you will note that it is forming a bullish falling wedge. One could get here with a wide stop below the trendline or wait for wedge breakout. Traders lover patterns; attracts them like flies and breakouts tend to have good volume and therefore support. Either way, this is a great long term trade and I would anticipate a move to $68-70 and take a partial. When it does selloff, you know 61.8-78.6% is where to add more shares [remember monthly chart]

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Tags: pharma, long-ideas, teva
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