Daily Stock Report

Bausch Health Companies Inc. - (BHC.TO) - September 14, 2022

On a rough day for world markets, personal products producer Bausch Health (BHC.TO) was the top performer in the SIA S&P/TSX Composite Index Report yesterday with a gain of 2.5%. After spending over a year languishing in the red zone, BHC.TO has rocketed back up the rankings lately, recently returning to the Green Favored Zone for the first time since April of 2021. Yesterday, it finished in 44th place, up 90 spots in the last month. 

Back in July, a big plunge in Bausch Health (BHC.TO) shares appears to have been the final shakeout of a crash that took the shares from near $30.00 to a low near $5.00. Since then, Bausch Health has been under renewed accumulation, rallying back up into the $9.00 to $10.00 range on generally higher volumes, snapping a downtrend line and regaining their 50-day moving average along the way. 

A breakout over $10.00 would confirm the start of a new recovery trend with next potential resistance near $12.00 then $14.50 based on previous highs. Initial support appears at the 50-day average near $9.00. 

Bausch Health (BHC.TO) has started to bounce back from its big plunge earlier this year. Rallying up out of a bullish Bear Trap, BHC.TO has completed a second bullish Double Top breakout and extended its rally into a bullish High Pole, The shares are approaching the $10.00 round number where a breakout would confirm renewed investor interest.  

Previous column highs suggest potential resistance near $12.05 then $14.40 on trend. Initial support appears near $8.95 based on a 3-box reversal. 

With a perfect SMAX score of 10, BHC.TO is exhibiting strength across the asset classes.  

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.