Teva Lower With High Volume

Published on Wednesday, 21 December 2011 11:38 Written by TradersHuddle Staff

New York, December 21st (TradersHuddle.com) - Unusual high volume detected on shares of Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA), early in the trading session. Teva is currently trading lower by 2.27%, so definitely the sellers in control, as the stock's volume is on pace to break its average.

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 has already traded 0.78 times its 3-month average volume, and has calculated support and resistance at $36.88 and $43.12 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.7% from its previous trading close, which means that Teva stock is underperforming the overall market.