Look for Shares of Valeant Pharmaceuticals International to Potentially Pullback after Yesterday's 18.84% Rise
Valeant Pharmaceuticals International (NYSE:VRX) traded in a range yesterday that spanned from a low of $23.97 to a high of $26.99. Yesterday, the shares gained 18.8%, which took the trading range above the 3-day high of $22.78 on volume of 60.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Valeant Pharmaceuticals International share prices have been bracketed by a low of $18.55 and a high of $263.81 and are now at $26.75, 44% above that low price. Over the past week, the 200-day moving average (MA) has gone down 3.3% while the 50-day MA has declined 8.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of Valeant Pharmaceuticals International on May 9th, 2016 by issuing a Downtrend alert when the shares were trading at $29.49. Since that call, shares of Valeant Pharmaceuticals International have fallen 23.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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