• Price is currently trading BELOW the downtrend trend-line.
The downtrend is confirmed from the MAs. cross observed- MA 10 cross under MA20.
• is BELOW the equilibrium level- 50. Momentum.
• Divergence: New price bottoms are getting lower as a certain bottom is rising indicating weakness in the downtrend.
Generally, monthly and weekly charts are also downwards.
Considering all the points above, we are in a “watching and waiting” situation because of the short-term range seem to have narrowed down.
With a break (daily close) below the support-monthly trend-line, we will recommend SHORT POSITIONS for the no position holders on TEVA . Take profit at 40 -38.50(SMA200-monthly) and then at 36.00(S2) and stop loss should be a bit above the S1, thus the stop loss is at 43.50-44.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
While sentiment remains unclear for long position, it is better to observe a confirmation of the . Therefore we are waiting for a reversal move – FAILURE SWING BOTTOM. Then long strategy will be with take profit at R1-R2 and R3 and stop loss a bit below the S1.