BMYS trade ideas
Bristol Myers Squibb coming up on important support.Technically Speaking
As you can see from the chart, the 47.50ish level seems to be a good source of demand, at least in the past and looks like a good entry level for a long, stopping out somewhere below. Leave some wiggle room to account for volatility.
Fundamentals
Be aware, they announce earnings before the bell on 10/27 CST.
Looks like the big slide in the stock was sparked by a failed drug trial: www.nasdaq.com
Bristol Myers sports a div yield of 3.04%: www.google.com
Div history: www.nasdaq.com
As always, know why you are buying something.
Think for yourself.
Is this "shakeout"candle the buying candle for a turnaround?Swing Trade Preparation?
After Bristol gapped down, the stock is trying to find a bottom - the down-dynamic increased- but we haven`t seen a countermove yet.
I will illustrate how you could use that for a longtrade with a very ggood CRR.
1. Opening a longposition at the present Niveau is interesting because the RSI is still strong oversold and signs a possible upcoming long-Signal. The daily-candle also could be a bullish one.TP could be the 38,2 fibo @ 63.5
Furthermore, the stock is trading at a Level, which was already bought 5 times and the the uptrend-line is not far away. A normal correction up to the fibo 38,2 is thinkable- Here is also based the gaps bottomedge as a resistance.SL near below the support-Level @ 56.35 -> TP1 = GAPs bottom / 38,2 fibo @ 64.75/65.4
2. Reaching the gap would fool me to think about a "gap-close"-Play. Here you could open a second Long Position with TP: Gapclose
3. Trading below the illustrated supportlevel 64.75-65.4 will initiate a bigger midterm/longterm shortsignal
resistances: 64.75 (gap) / 65.4 (38.2) 67.67 (0,5) / 64.94 (62,8) /58,08/56.09 (uptrend) / 56.35 /
supports: 55.0/ 51.8 / 47.5 / 46.3
Comments are welcome - agree or disagree
Spontaneous remission from a terminal prognosisBMY recently has had poor lung cancer treatment results and is getting sold off, movement compounded by Mercks recent promising results in the the same treatment field. Today was another huge down day, with a push past 3 standard deviations according to a 20 day closing Bollinger Band. Long because On Balance Volume has been improving while the price has been falling, and it might be at a short term reversal. In at 49.91 with a target of 5% or 52.40 from an anticipated short term correction tomorrow. Price is holding in this range with a low of 49.72, and high of 51.30 for the day.
Swing Trade Preparation?After Bristol gapped down, the stock is trying to find a bottom - the down-dynamic decreases - we haven`t seen a countermove yet.
I will illustrate how you could use that for a longtrade with a very ggood CRR. (2,3 or 7,1)
1. Opening a longposition at the present Niveau is interesting because the RSI is still strong oversold and signs a possible upcoming long-Signal.
Furthermore, the stock is trading at a Level, which was already bought 5 times and the the uptrend-line is not far away. A normal correction up to the fibo 38,2 is thinkable- Here is also based the gaps bottomedge as a resistance.SL near below the support-Level @ 56.35 -> TP1 = GAPs bottom / 38,2 fibo @ 64.75/65.4
2. Reaching the gap would fool me to think about a "gap-close"-Play. Here you could open a second Long Position with TP: Gapclose
3. Trading below the illustrated supportlevel 64.75-65.4 will initiate a bigger midterm/longterm shortsignal
resistances: 64.75 (gap) / 65.4 (38.2) 67.67 (0,5) / 64.94 (62,8)
supports: 58.0 8former low) / 56.9 (uptrend) / 56,35/ 51.8 / 47.5 / 46.3
Comments are welcome - agree or disagree
