Is $BMY just what the doctor ordered? Here’s Scott’s take.. – May 25, 2022BMY SPY
This is Scott with your Chart of the Day. I want to take a look a Bristol-Meyers Squibb ( NYSE: BMY ). I did talk about Bristol-Meyers Squibb ( NYSE: BMY ), I think it was last week or so, as I was noting a clear, downward-sloping trendline on the stock. And you can see how the stock kind of moved out of that downward-sloping trendline but ended up giving back the move, kind of a bummer.
That said, the trend is still intact, it is still just kind of going sideways here. And so I don’t want to lose sight of this stock just because it did kind of pull back a bit. Maybe it pulled back with the market, who knows, but it didn’t break trend. And so I definitely think it is worth watching for a move out of and a close above this clearly defined level of resistance.
You can see it right here, clear resistance, clear resistance. It can’t get above, it tried to get above, failed. And now we are kind of creeping back around that kind of 78.19, 78.20 level. And so I still want to watch this stock and look for a strong move through that zone, coming on higher than average volume.
Now, if that happens the stock may finally kind of break out of this long base. It has been going sideways for over a month and a half. Let’s see the breakout, but first, it has to get above and stay above that 78.20 level. That is where I am going to have an alert for a potential buy on Bristol-Meyers Squibb ( NYSE: BMY ).
And like I said, I think it is worth watching in this market because when the SPY ( NYSEARCA: SPY ) is near the lows BMY ( NYSE: BMY ) is near the highs. And those are the types of stocks we want to follow in this tape.