Watch Consolidation Breakout in BHC.TO
Watching for a consolidation breakout in Bausch.
With the market downturn, I haven't taken many long trades lately. But this one popped up on the screener the other day. It is consolidation near a recent high. Prior patterns like this have seen the price run higher... if it breaks the consolidation to the upside.
Expected profit is roughly 20%, while downside risk is about 5% (4:1 reward:risk).
Disclosure: Not long yet. Want to see a break higher, out of the consolidation, preferably on a high volume day.
With the market downturn, I haven't taken many long trades lately. But this one popped up on the screener the other day. It is consolidation near a recent high. Prior patterns like this have seen the price run higher... if it breaks the consolidation to the upside.
Expected profit is roughly 20%, while downside risk is about 5% (4:1 reward:risk).
Disclosure: Not long yet. Want to see a break higher, out of the consolidation, preferably on a high volume day.
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/