BMY at volume support with strong fundamentals

Bristol Myers-Squibb got another FDA approval yesterday to expand the label for its immunotherapy drug Opdivo. The approval isn't a huge deal, but it would have been an upward catalyst on a normal stock market day. BMY remains a highly rated stock by analysts, at just 10 forward P/E, 1.17 PEG, and 3% dividend yield.

One drawback of BMY is that it has a -1.5% ESP prediction from Zacks, which means its slightly more likely than average to miss its next earnings forecast. I also think we're likely to see some negative sentiment on pharmaceuticals as the Democrats show strength at the polls.

My trading plan for BMY is to buy some here, and then triple my position at the $51 volume support node.