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Valeant's Move To The Downside Accelerates

Valeant Pharmaceuticals Intl Inc VRX 4.47% shars are trading lower by $0.69 (4.4 percent) at $14.04 in Monday's session. This marks its sixth down day in a row and the seventh time in its last eight sessions, the outier being a paltry $0.30 gain on January 12.

After hovering at the $15.00 levels over the last few sessions, the issue has distanced itself from that area and is flirting with falling into $13.00 handle.

After a flat open, the issue found resistance just above Friday's close ($14.73), peaking at $14.75 and then embarking on its move lower. It has continued to make new lows for the session, with the current one standing at $14.01. That marks the lowest level for the issue since it bottomed on December 29 at $13.94.

The low from its steep decline from its all-time high that was made in August 2016 at $263.81 was made on December 13, when it bottomed at $13.00.

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