At 11:44 EST (10:44am for me), TEVA dropped with volume. "Something's up with TEVA." I waited and the very next 1-minute bar, TEVA shot up almost a point. Briefing reported that the company received a complete response letter from the FDA for its supplemental New Drug Application (sNDA) for a lower-volume (0.5mL) injection of glatiramer acetate. What does this mean? I don't know, but the volatility for TEVA is in and this is what daytraders look for.
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| TEVA at 10:44 (11:44 EST) Blue lines are just pivot points. |
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| 4 1-minute bars later, TEVA develops a flag. 51.07 steps up to buy. |
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| Bid drops, but notice how none of the 3 red candles close below. Lower volume consolidation... look to buy on strength. |
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| Buy at 51.12 with a stop near LOD. We are buying on this candle's strength so a failure of this candle cancels the reason for this trade. |
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| About an hour and a half after the first news spike. |
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