Last time we asked the question: VRX - Should we Buy on the Dip? The premise was that VRX seemed to have found a price bottom against a long-term downtrend. It popped up but then was sliding back towards the price bottom. If the market buys on this dip, we might indeed be observing a bullish reversal, or at least a significant bullish correction against the prevailing downtrend.VRX Daily Chart(click to enlarge)Bullish Momentum:- I noted that if price retreated, the 10.50 area would be key. - But as we can see price held the line at 12.00. It held there for a couple of weeks in June, also holding above the 100-day simple moving average (SMA). This was a good sign for the bullish outlook.- Also, I noted that the RSI should hold above 40, and it held above 50. This reflects bullish momentum developing.Targets:- The maximum target is 20 at the moment. But we also noted a less aggressive target around 17.50-18. - As price tests the 200-day simple moving average, we can anticipate some resistance as well. - In fact, ability to push through 16 and the 200-day SMA would be a strong confirmation of the bullish outlook towards 17.50-18, and eventually 20.