Thursday, July 31, 2014

A P&F Breakdown on Valeant Pharma:

One of the best charting tools is the Point & Figure – there are several reasons to never ignore a P&F signal - one being unlike the popular MACD, its use is not widespread. What advantage is there in seeing a MACD signal when MILLIONS of traders and investors see the same thing at the same time?

Our chart today is health care component TSX listed Valeant Pharmaceuticals International, Inc. (VRX)  plotted on a point & figure (thanks to – where we can see the potential breakdown of support at the $126 range or about $116 in US dollars. I would suggest if VRX trades down to $114 (US) the longs should take the money and run.

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