More Downside for Teva ?

Published on Thursday, 29 July 2010 12:34 Written by Christian Paolinetti

New York, July 29th (TradersHuddle.com) - Shares of Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) booked a new 52 week low by trading below $48.1, traders are definitely monitoring Teva's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients. The Company produces antibiotics, oncological products, Alpha D3 for treatment of post-menopausal bone loss in women and Copaxone for treatment of multiple sclerosis.

Teva is currently trading -1.03% versus its previous trading session close, and it has calculated support and resistance at $48.57 and $56.37 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.88% from its previous trading close, which means that Teva stock is underperforming the overall market.