VRX swing-trade breaking out of bull flag pattern
Stock: Valeant Pharmaceuticals (VRX)
Long or Short: Long
Entry Range: $56.10-56.50
Stop-Loss: 54.95
Chart: Valeant Pharmaceuticals (VRX) Daily
Reason for Trade: I discovered this stock this morning, and have been watching it throughout the day. My entry is at $56.14 which is right where it is breaking out of the longer-term bull flag pattern. I’m not a fan of holding pharmaceutical companies for an extended period of time, so as the gains come in, I’ll likely keep the stop fairly tight, as conditions permit.
The other appealing feature of this trade is the tight stop-loss that I can use at $54.95. Essentially if price moves below that level, there’s no point in holding this stock any longer.
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