BMY trade ideas
BMY getting ready for a bullish breakoutBMY -2.02% beaten down after the earning is forming a base with a bullish RSI divergence forming on 4hrs and 8hrs.. I will wait for a breakout and correction after 58 for entering a long swing trade entry from here..
BMYAfter a big gap down BMY has drifted off and formed a pin bar at a key support line.
I am looking to get long to fill the Gap
Neutral to bullish on BMYAt price this low, I initiated a Septwk4 55.5/53 cps. Asking for 0.7/share. This is a push back on mylan price hike.
Swing Trade Preparation?After Bristol gapped down, the stock is trying to find a bottom - the down-dynamic decreases - we haven`t seen a countermove yet.
I will illustrate how you could use that for a longtrade with a very ggood CRR. (2,3 or 7,1)
1. Opening a longposition at the present Niveau is interesting because the RSI is still strong oversold and signs a possible upcoming long-Signal.
Furthermore, the stock is trading at a Level, which was already bought 5 times and the the uptrend-line is not far away. A normal correction up to the fibo 38,2 is thinkable- Here is also based the gaps bottomedge as a resistance.SL near below the support-Level @ 56.35 -> TP1 = GAPs bottom / 38,2 fibo @ 64.75/65.4
2. Reaching the gap would fool me to think about a "gap-close"-Play. Here you could open a second Long Position with TP: Gapclose
3. Trading below the illustrated supportlevel 64.75-65.4 will initiate a bigger midterm/longterm shortsignal
resistances: 64.75 (gap) / 65.4 (38.2) 67.67 (0,5) / 64.94 (62,8)
supports: 58.0 8former low) / 56.9 (uptrend) / 56,35/ 51.8 / 47.5 / 46.3
Comments are welcome - agree or disagree
70$ is the level to watch! 70$ is the central Pivot Support Zone. As Long Bristol is trading above that Level, a further upwave can be exspected. Trading below 70$ could cause a selloff down to 58-60$
still holding its groundholding the $60 leve pretty well on the daily but not able to make higher highs. lower more probable for now. no pos.
Bristol Myers!!! Potential BounceBristol Myers! Jim Cramer's favorite. If triggered bullish off trend line bounce
Here are the targets. Failed drug doesn't change my mind. They actually make $$$$$ :)
Fine RestartThe correction in the uptrend has been clearly done, even a new little high has been built, the indicators are up. Let's assume that the uptrend will continue.
First Pullback after Breakout of Descending Channel in UptrendThis is a simple setup. Find a stock that is in an uptrend, wait for a correction that forms a descending channel, then go long on the first pullback after a breakout of the descending channel. Go long on a pullback to the "Entry" zone, which is a confluence of the ascending channel (red) within the larger ascending channel (black) and the descending channel. "Stop" at a close below the most recent swing low. "Target" at top of larger ascending channel.
BMY (Daily). Potential Correction.BMY (Daily). Potential Correction.
Range Limit reached.
Regression Channel upper bound.
Bearish Pin bar. at resistance.
BB stretched.
RSI at potential overbought levels.
OBV at horizontal resistance.
Vs SPX500 Ratio reaching upper bound channel.
Breaking and sustaining this level, opens the door for further upside.
Bristol-Myers Squibb - 10% downside potential When I see a stock go from 2.6 times sales to 6.4 times sales while revenues have fallen from $21 billion to $16 billion, you can tell that investors are hoping for something big coming down the road.
For now, I'll look for a trip down to the lower end of the rising regression channel.
Risk - $64 or $65. Target $53-$54.
Tim 4:25PM EST Feb 27, 2015
Bristol-Myers offering an easy 6% $BMY has been struggling the first half of this year, but things are about to get worse. So far this year, each downward slide has been able to hold Sep/Oct13 resistance line converging with the 61.8% fib from the late Aug13 breakout level. Last week that crucial line was severed aided by the downward pressure of a death cross. This lower low break on high selling pressure demonstrates the bears are in control. With all momentum indicators on the weekly in firm landslide mode, I think this daily dead cat bounce into prior support/61.8% fib this week on fading volume is a nice opportunity to pick up some July puts for a profit target of around 44.30, where prior resistance and a breakaway gap last year converge.
