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PreMarket Prep Trade Of The Day: Valeant Is On Fire

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PreMarket Prep Trade Of The Day: Valeant Is On Fire
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Valeant becomes Bausch Health Companies today (Seeking Alpha)

Every day on PreMarket Prep, hosts Joel Elconin and Dennis Dick highlight over a dozen key morning movers to keep an eye on throughout the day. Below is a trade we thought is particularly hot today.

Valeant Pharmaceuticals Intl Inc (NYSE: VRX)

What a move in Valeant.

Valeant's stock had some major retreats after reaching $18.25 in June and $18.17 in July. Though it wasn't bad enough to breach its eight-year low from May at $8.26, it did trade down to $10.94 on Nov. 2.

The stock held onto these gains in Tuesday's pre-market session, and looks poised to challenge Monday’s high of $20.73 at the open. This marks the highest level for the stock since Nov. 3, 2016, when it reached $21.25. If the rally continues, there is no daily resistance until its Nov. 2, 2016 high of $23.32.

Catch the whole show below!

You can listen to the show live every day from 8-9 a.m. ET here, or catch the podcast on iTunes, Soundcloud and Stitcher.

PreMarket Prep is a daily trading ideas show hosted by former floor trader Joel Elconin and prop trader Dennis Dick. You can listen to the show live every day from 8-9 a.m. ET here or on YouTube Live. The podcast is available on iTunes, Soundcloud, and Stitcher.

Posted-In: PreMarket PrepTechnicals Top Stories Pre-Market Outlook Markets Trading Ideas Best of Benzinga

 

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