Valeant Pharmaceuticals is reaching point of possible reversal
If we look at this weekly chart then we clearly will see that the level of 27 was a point of reversal for Valeant Pharmaceuticals in October, 2016. My opinion is based on the amount of time spent around this area + size of trading volume. By breaking through this level, company's stock established a new downtrend for 6 weeks and later on transformed itself into a consolidation phase.
Now the stock is heading north to test this level again. Very soon we will see if it will serve as a resistance level (then the stock should bounce back and later on give us a chance to buy cheap when it will be oversold) or the demand will exceed supply and it will become a new support level - then we can buy it when it will establish a new uptrend. Anyhow - all eyes should be on this level and stock's activity around it.
Now the stock is heading north to test this level again. Very soon we will see if it will serve as a resistance level (then the stock should bounce back and later on give us a chance to buy cheap when it will be oversold) or the demand will exceed supply and it will become a new support level - then we can buy it when it will establish a new uptrend. Anyhow - all eyes should be on this level and stock's activity around it.
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