Daily Stock Report

Bausch Health Companies Inc. - (BHC.TO) - January 14, 2021 

Specialty and generic pharmaceutical producer Bausch Health (BHC.TO) has returned to the Green Favored Zone of the SIA S&P/TSX 60 Index report for the first time in nearly a year. The shares climbed 11 spots yesterday in response to positive sales guidance to 12th place and have moved up 31 places in the last month.  

Accumulation in Bausch Health (BHC.TO) shares continues to accelerate. Since a successful retest of $20.00 support back in September, the shares have not looked back with the slope of their uptrend increasing and the shares staging a series of successful breakouts. These include: snapping out of a downtrend in November, completing a bullish Ascending Triangle base with a breakout over $27.50 in December, and breaking through the top of a $20.00 to $30.00 sideways range this month. 

Next potential upside resistance tests on trend appear near $37.50 then $40.00 and $42.50 where measured moves converge with previous highs/lows and a round number. Initial support appears near $30.00 a round number and recent breakout point. 

A major breakout is underway in Bausch Health (BHC.TO) shares which have broken out of a base that had been forming since March by clearing $27.61, snapped out of a long-term downtrend and regained the $30.00 level so far this month, all combining to indicate increased accumulation and the start of a new uptrend.

Next potential upside resistance tests on trend appear near $35.70 and $42.70 where horizontal counts converge with previous column highs. Initial support appears near $29.30 based on a 3-box reversal.  

With a bullish SMAX score of 8, BHC.TO is exhibiting near-term strength against the asset classes. 

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