Hey everyone,
Another biomed related post today by request.
BMY has double-bottomed as bulls grab a little control today on price.
The stock has respected the BBands and is looking to move to the neutral region.
The RSI teased in the oversold area, and price has responded with one of the two strong bull movements in the past four weeks as far as price movement goes.
Price will struggle to break the $48.31 resistance that the massive bull volume failed to break on the 29th.
We want to look for increasing bull volume as price recovers after hitting a low.
If bull volume recovers with the next successive days, look at the $48.31 target for the first movement, with the $54 mark if price breaks through for the second movement.
If bear volume trends or increasing in the next few days below the 45.15 support, the stock could break lower forming new lows for the year.
Keep a tight stop loss in the meantime at the lower $45.15 support and long for the 48.31 and eventually the 54.44 if price starts to trend up with volume or if it ventures beyond the restraints of the BBands.
-Block
Another biomed related post today by request.
BMY has double-bottomed as bulls grab a little control today on price.
The stock has respected the BBands and is looking to move to the neutral region.
The RSI teased in the oversold area, and price has responded with one of the two strong bull movements in the past four weeks as far as price movement goes.
Price will struggle to break the $48.31 resistance that the massive bull volume failed to break on the 29th.
We want to look for increasing bull volume as price recovers after hitting a low.
If bull volume recovers with the next successive days, look at the $48.31 target for the first movement, with the $54 mark if price breaks through for the second movement.
If bear volume trends or increasing in the next few days below the 45.15 support, the stock could break lower forming new lows for the year.
Keep a tight stop loss in the meantime at the lower $45.15 support and long for the 48.31 and eventually the 54.44 if price starts to trend up with volume or if it ventures beyond the restraints of the BBands.
-Block
Looks like we are sticking to the trend fairly well, but the second movement does not look as likely now. i will post later this week to update everyone on how the new market conditions are changing the expected!