Teva Pharmaceuticals (TEVA) peaked at the end of July last year and has been working irregularly lower over the past nine months. Further losses seem possible.
The $55 level is an interesting price point on TEVA. (I remember some 30 years ago, dealing with the Chicago Board of Trade (CBOT) bond pit on the phone, that the $55 level became "double nickel" when the order was repeated back. Probably more people remember 55 as the speed limit, back when gas prices were high and saving lives was important.)
Looking at the chart above, TEVA held the $55 level in September, October, February and early March, but the level gave way in the latter half of March. Prices are below the declining, 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line has been on the defensive for the past twelve months. Looking for a bullish divergence between the price action and the momentum study doesn't yield anything positive, right now.
This weekly chart of TEVA, above, shows a top pattern in 2015 -- maybe a head and shoulders top pattern. Prices are below the declining, 40-week moving-average line. The OBV line on this time frame peaked in early 2015 and has made a new low along with prices -- supporting the bear case and indicating that sellers have been more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator is below zero, and has yet to generate even a "cover shorts" buy signal.
If TEVA breaks chart support at $50, then a longer-term decline to next support around $40 could be in the cards.