Valeant Pharma Finds Resistance In Familiar Area

Valeant Pharma Inc.

shares are trading higher by $1.20 at $37.18 in Monday's session. Investors are positive on the issue after naming former Perrigo chairman, Joseph Papa, as it next CEO. However, the rally from the premarket session has stalled a bit in the regular session. Whereas, the issue rallied to $38.49 in the premarket session, the rally has stalled in familiar area off the open. Following a higher open, the issue found sellers just ahead of its April 17 high ($38.18), which represents its highest level since bottoming on April 4 at $25.27), only reaching $37.90. At this, the issue is finding intraday support just ahead of the top of Friday's range ($36.49), with the current low standing at $36.58.