This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) is a biotech company from Israel. I got the idea for this trade from the Motley Fool discussion boards.
1. Why did I take this trade?
Teva broke above its HoD from Tues Feb 13/07, and showed signs of follow thru momentum. I wanted to get a piece of that action.
2. What was the initial stop?
I quickly sold my initial attempt at a position was when I saw that it was not ready to continue upwards. The second attempt at a position was after confirmation that the chart was telling me it was truly going up instead of messing around. I entered a position @37.80 when TEVA proved that it could break above that resistance level.
3. Why did you exit where you did?
TEVA price action got pretty messy in the morning. I was not actually watching it when it dipped down to 37.60, but as soon as I started watching it, I did not like what I saw on the tape and promptly sold it no questions asked.
4. Is there anything you would do differently?
The daily chart shows that TEVA was oversold, which meant that it was a bit unrealistic to expect it to continue going upwards. Yeah, I wish I had known this sooner, so I wouldn’t have wasted any more time and effort stalking and tracking this stock.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| TEVA |  |  |  |
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
