Tuesday, August 5, 2014

A P&F Breakdown on Valeant (2):

A quick update on health care component - Valeant Pharmaceuticals International, Inc which happens to be listed on both the Toronto and New York stock exchanges. A duel listing is a positive if US investors love you but, not so nice if US investors change their minds – which seems to be underway – right now.

On the prior post TSX listed Valeant  plotted on a point & figure (thanks to Stockcharts.com) – we saw the potential breakdown of support at the $126 range or about $116 in US dollars. I suggested if VRX trades down to $114 (US) the longs should take the money and run. Today – thanks to Stockcharts.com - on a P&F we can see the breakdown in the NYSE listed Valeant – with broken support at $114. The next lower support is now at the $104 level – with the next target being that lower primary trend line.


dh12 said...

Don't look now but our little friend Walter energy (WLT) is on the move. This unloved orphan has been outperforming the market for the past few months.

Gettingtechnical.com said...


Walter energy (WLT)? Outperforming what market? The WLT I see is below a declining 40 week MA, in a long down trend and a total point & figure breakdown
Are we talking abut the same stock?

Bill Carrigan