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.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.