Valeant Pharmaceuticals is reaching point of possible reversal

If we look at this weekly chart then we clearly will see that the level of 27 was a point of reversal for Valeant Pharmaceuticals in October, 2016. My opinion is based on the amount of time spent around this area + size of trading volume. By breaking through this level, company's stock established a new downtrend for 6 weeks and later on transformed itself into a consolidation phase.

Now the stock is heading north to test this level again. Very soon we will see if it will serve as a resistance level (then the stock should bounce back and later on give us a chance to buy cheap when it will be oversold) or the demand will exceed supply and it will become a new support level - then we can buy it when it will establish a new uptrend. Anyhow - all eyes should be on this level and stock's activity around it.