Long

Ascending Triangle Breakout from Double Bottom for up trend idea

Updated

After years of going from top-left to bottom-right, there was a Double Bottom bounce with an Ascending Triangle currently sitting at the top of bounce. NASDAQ pre-market volume is quite nice, and the weekly volume has been consistent with price movement direction. The weekly EMA and SMA are moving from vertical to horizontal, the last three weekly candles are currently green, and the angle from the lowest weekly opening to the current price is pointing (from left to right) in an up direction. Good luck to all.

Note

A quick update on some of the news that has created this trading pattern.

This security had a rapid rise on the news of a nationwide opioid settlement plan even though it was just a proposal. The lawsuits are still coming but that doesn't seem to have a negative impact on the price. At this time of writing, there's a premarket breakout on the 1-min candles which caused the price to jump from 8.26 to 8.43. My guess is that the upcoming quarterly earnings report, the settlements and proposals, and Gabelli Research changing outlook to a buy, are all why this 20-year low is looking to turn around.

Fingers crossed that this pattern doesn't break.

Note

Second day in a row of premarket breakout.

Like yesterday, there was another premarket breakout on the 1-min sticks that has caused the price to jump from 8.75 up to 8.93. This pattern is going to blow past the first line of resistance if premarket breakout trend continues.

Good luck.

Note

Premarket breakout.

Today is the third day in a row where has had a premarket breakout. Today's breakout jumped from 8.48 to 8.60 and is currently sitting at 8.67 at the time of writing. This is a good sign for the pattern but we'll have to wait until tomorrow's premarket hours to see how much of an impact the quarterly report will have on the price.

Note

Incredible bounce.

Today TEVA released it's quarterly and it caused a completion of a cup and handle pattern on the 1-min sticks. The price went from 7.96 to 8.56 causing a continuation bounce on the 4-hr sticks. It's currently premarket hours and the volume is at about 2,000,000 shares to outpace premarket volume of AAPL, UBER, and TWTR combined.

I believe this up trend will continue. Happy trading.

Trade active

A combination of conflicting reports has made for some great action. I'm currently still long on this trade. Good luck.

Note

Unrelenting extended market breakouts.

After increased confidence in the companies handling of debt and litigation settlements, TEVA rises on the news of DARE issuing shares to TEVA after DARE announced it was acquiring the Gates Foundation backed Microchips Biotech.

Happy breakout.

Note

Approaching first major line of resistance.

Prices still rising as JP Morgan upgrades TEVA to neutral and sees the near-to-mid-terms as stabilizing.

Happy trading.

Trade active

Took some profit and re-entered.

UnknownUnicorn5855881

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