gNnairdA

Shorting opportunity with 2 head an shoulders!

Short
TSX:BHC   BAUSCH HEALTH COMPANIES INC


On the Daily chart the rsi has a bearish divergence on both previous peaks indicating that the bulls are losing steam. On top of that the rsi even forms a head and shoulders aswell .
38.4 seems to have been an historical resistance in the summer of 2016.
However, judging from the MACD I don't think there is enough momentum to push it down through 36.6 this coming week,
so I believe the price action may form a head and shoulders and then with a more favorable MACD to provide the right time to short , especially if the RSI crosses the 50 EMA

I may miss the opportunity to short by waiting for the right shoulder to form but owell. a 1.5 risk to reward scenario

Feed back welcomed!

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.