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VRX Valeant Pharmaceuticals Potential Bottoming Trade

VRX was highlighted as a potential long-side trade idea by @qlikely in the trading room. My take on the daily chart is: A divergent low (positive/bullish divergences in place at the recent low) Breakout above the white bullish falling wedge pattern Recent breakout & low-level back-test of the primary (yellow) downtrend line. VRT daily Feb 15th 15.90 appears to be a mild to moderate resistance level on the VRX 60-minute chart, which the stock is currently flirting with. Watching for an impulsive break & one or two 60-minute closes above that level to help firm up the bullish case. [...]

2017-03-08T21:19:11+00:00Feb 15, 2017 10:05am|Categories: Equity Market Analysis, Unofficial Long Ideas|Tags: |3 Comments