6.4 C
New York
Monday, November 25, 2024
HomeMarkets
Markets

Bounce could take place, after 80% decline, says Joe Friday

By kimblechartingsolutions
0
136
psw-placeholder
psw-placeholder

Courtesy of Chris Kimble.

joe friday vrx tesing dual support april 21

CLICK ON CHART TO ENLARGE

Could an opportunity be taking place, after an 80% decline in price? Yes

Valeant Pharma has been in the news, for all the wrong reasons, since last summer. The news has been bad and the price action of the stock has been even worse.

The huge decline in VRX over the past 9-months has VRX testing two long-term support lines, that have been around 16 and 20-years, with both of them meeting at (1) above.

This large decline has momentum deeply oversold and volume has shot up, potentially reflecting panic selling.

Joe Friday Just The Facts…A bounce could take place in this very hard hit stock at (1). This stock is hitting an almost must hold support zone. If support does not hold, it would be bad for the stock and could be hard on the Bio-Tech sector. What VRX does at (1), is very important in several ways!

–

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

156,462FansLike
396,312FollowersFollow
2,320SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x