Stocks Analysis by MarketBeat.com (Jea Yu) covering: Teva Pharma Industries Ltd ADR, Allergan PLC, Johnson & Johnson, CVS Health Corp. Read MarketBeat.com (Jea Yu)'s latest article on Investing.com
) is the world's largest generic drug maker, with over 500 generic and biosimilar treatments in its broad portfolio. The medical sector giant also has a line of branded drugs driving growth.
TEVA formed a symmetrical triangle with the upper descending trendline forming at the $22.80 swing high and the ascending lower trendline support forming at the $19.03 gap fill. TEVA chopped towards the apex point before gapping down on its earnings release to the $19.75 level and proceeding lower towards the $17.26 fib. Fibonacci pullback support levels are at $17.26, $16.83, $16.25 and $15.81.
Bullish investors can consider using cash-secured puts at the Fib pullback support levels to buy the dip. If assigned the shares, then writing covered calls at upside Fib levels executes a wheel strategy for income.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
Allergan PLC Johnson & Johnson CVS Health Corp
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