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Bristol-Myers Squibb Co (NYSE: BMY) | The Mesh Report

Bristol-Myers Squibb Co (NYSE: BMY)

Christian Tharp, CMT March 6, 2019 Comments Off on Bristol-Myers Squibb Co (NYSE: BMY)

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers drugs in oncology, immunoscience, cardiovascular, and fibrotic diseases.

Take a look at the 1-year chart of Bristol (NYSE: BMY) below with my added notations:

1-year chart of Bristol (NYSE: BMY)

After taking major hits back in October, BMY started to form a base that has created a key level of resistance at $54 (red). The stock sits slightly below that mark now, and a break above it should lead to another leg up for BMY.

The Tale of the Tape: BMY has a key level of resistance at $54. A long trade could be made on a break above that level with a stop placed under it. Bearish trades could be made on a test of $54.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!
Christian Tharp, CMT



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