Trading Idea - Is Teva Close To Support?

Shares of Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) are trading very close to calculated support at $51.85 with current price action closing at just $51.88 places the stock price near levels where traders will start paying attention.

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's current stock range is defined by current calculated support defined at $51.85 and by the resistance level at $55.74, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Teva's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $55.74 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.