Tuesday, February 06, 2018 11:54:22 AM
Believe it or not, technical charts are the key to making money in this volatile trading environment. While many leading industry groups are now in correction territory it is critical for traders and investors to know where the major support levels are on the charts for individual stocks.
One stock that has declined sharply is Bristol-Myers Squibb Co (NYSE:BMY). This leading pharmaceutical stock plunged yesterday after reporting earnings. Today, BMY stock is trading lower by another $2.18 to $58.77 a share. It is important to note that the stock is now trading below its important 200-day moving average. This puts the stock in a weak technical position on the charts and often signals more downside to come. In this current trading climate it is critical for traders to find the major support levels that will be supported by the institutional money. The best and safest level that I see for BMY stock is around the $51.50 area. This is where BMY stock was defended in February 2017. Should BMY test this level again it will most likely be an excellent area for a long (buy) side trade.
Nicholas Santiago
InTheMoneyStocks
Recent BMY News
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