BMY: Chart of the Day: Bristol-Myers Squibb (BMY) –

This post was originally published on this site

Bristol-Myers Squibb (BMY) is trading sideways, within a range, and a rectangle pattern has formed that could lead to a breakout or breakdown sometime soon.

BMY discovers, develops, and markets drugs for various indications, such as cardiovascular, oncology, and immune disorders. The company’s immuno-oncology drug, Opdivo, and its blood thinner, Eliquis, drive growth for the company’s profits. The label expansion of Opdivo should continue to boost revenue.

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

 Chart of BMY provided by TradingView 

After a very volatile spring, BMY has moved into a trading range and has formed a key resistance around $61 (red), and an important area of support around $57 (green).  At some point, the stock will have to break either above the $61 or below the $57 mark.

A trade could look to buy BMY when it exceeds $61, with the assumption of a breakout.  Or short BMY if it falls below $57, with the assumption of a breakdown.

Keep an eye out on August 6th for BMY’s latest earnings report. 

Have a great trading day!

Good luck!

Christian Tharp, CMT


Want More Great Investing Ideas?

5 WINNING Stock Charts  

9 “BUY THE DIP” Growth Stocks for 2020

Newly REVISED 2020 Stock Market Outlook

7 “Safe-Haven” Dividend Stocks for Turbulent Times

BMY shares were trading at $58.82 per share on Wednesday morning, down $0.61 (-1.03%). Year-to-date, BMY has declined -6.25%, versus a 1.47% rise in the benchmark S&P 500 index during the same period.

About the Author: Christian Tharp

Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More…

More Resources for the Stocks in this Article

This post was originally published on *this site*