Bmyshort
$BMY to the mid-low $60s?$BMY has held up remarkably well during the market sell off. That said, I don't think that it's going to escape the downside for that much longer.
We've tested the $77-78 region multiple times and just rejected again. Seeing the price action today makes me think that it's finally time for BMY to fall lower. Once $BMY breaks $75, there's not much holding it up. I think we could see a fairly quick move down to the $60 range, at $65 which would be the first support and $61 which would be the second support.
There's a chance it falls into the $50s but I'll likely take profits in the $60s as it's rare for BMY to have such a substantial drop.
Let's see what happens over the coming days/weeks.
BMY approaching resistance, potential drop!BMY is approaching our first resistance at 52.42(horizontal siwng high resistance, 61.8%, 100% fibonacci extension, 76.4%, 38.2% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 48.35 (horizontal overlap support, 50% fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
BMY is approaching resistance, potential drop! BMY is approaching our first resistance at 52.42 (horizontal swing high resistance, 61.8% , 100% Fibonacci extension , 38.2%, 76.4% fibonacci retracement ) where a strong drop might occur below this level to our first support at 48.25 (horizontal overlap support, 50% fibonacci retracement ).
Stochastic (34,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
BMY approaching resistance, potetial drop! BMY is approaching our first resistance at 52.39(horizontal swing high resistance, 100% fiboancci extension, 76.4%, 38.2% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 48.35 (horizontal overlap support, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.