TEVA rallying on weak volume into resistance
Stock: Teva Pharm (TEVA)
Long or Short: Short
Entry Range: $38.05 – 38.25
Stop-Loss: $36.12
Chart: Teva Pharm (TEVA) Daily
Reason for Trade: I’ve been on the fence all day about whether to get short or more long right now. Market direction remains up in the air at this point, and I think there is more catalyst to the downside at the moment. The safest play was to add one short position to the portfolio today, to go along with my current long position in BUD.
I’m a big fan though about the break down we’ve seen of late in TEVA and the light volume bounce into overhead resistance. It offers a nice tight stop-loss right against a major resistance level.
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