$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.
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.