BMY trade ideas
$BMY BreakoutBMY looking to breakout from Jan 2020 run-up. Over all major EMAs. Active Sequence engaged on March 17, 2021 (8 over the 21). Additionally, looking at the Andrew Pitchfork it shows significant respect going back to 1994. Lastly, over the weekly POC from Volume Profile perspective and seems to be breaking out of the range. Initial price targets $70.12 and $77.88.
Small Short idea Not my usual trade but BMY does not have enough Vol for me to get decent premium selling a credit spread here.
Technical Confirmation - Break below Broadening formation (or previous bars low)
Execution: Short 50 shares - Stop at 66.20 - TP @ 63.31
BMY PatternceptionBMY is in a Long term positive uptrend. Having broken out of a negative channel recently, it broke out with decent volume of the negative channel, signifying a potential end. I wouldn't call the next negative channel a flag because it is overextended, but it is there. A selloff that was right about to enter the previous negative channel, but bounced off of it with again, average volume. We then began to rise in an upward direction for what I initially thought was a channel, but I believe it is a rising wedge.
I opened an iron condor set with some tight parameters. $64-$65 on the call side and $62-$61 on the put side, $100 in collateral. I am looking to have a staggered exit strategy. I will close the put credit spread tomorrow morning at 50%, and ride the call credit spread train down. My bet is It will not go any higher, and tomorrow's trading day (3/23/21) will be a slow one in my opinion, with the stock testing $62.30, which is very likely to break. If you are a less risky trader, wait for a volume confirmation below the channel. I expect a fat drop to the $61 levels. It needs to cross fib levels to get to $60, which I haven't applied for simplicities sake
Define your losses, define your risks, and use my chart as a template! I left some smaller patterns in there for you to practice. Hint: think Continuation patterns or Reversal patterns
Good luck out there!
BMY - 30min charthpc software discovered a CRAB pattern so :
SHORT around 63.00
T1 61.75
T2 61.00
SL closing above
BMY is Potentially at a Good Buy Point. I have been watching BMY for a while waiting for a good entry point, I believe that is here. Granted, this is assuming overall downward market pressure does not result in BMY also going down. First, the MACD indicates positive movement. Second, there is bullish divergence in one month RSI. Third, BMY has been in an upward channel since the beer-virus crash and it is touching the bottom of the channel. Finally, BMY has support from the 200 day moving average. You likely will not win big on this in the short-term, but assuming you have confidence in upward market movement this will soon be a good time to buy in if you want to get some profits and secure dividends long-term. I suggest waiting for BMY to break the upwards resistance at about $61.35 to be safe if you plan on buying.
Not financial advice, I am just a retard talking about numbers on the internet.
BMY - Possible Long Swing TradeBMY is currently testing support in a large channel. Bearish pressure is visibly waning (see MACD) however bulls still needs to prove it's ready to change direction by breaking and closing at least a 4 hr to the upside of the orange trendline. We can remain bullish with a quick wick down to the lower trendline where we found the lows on June 15 and October 29 before breaking up however I would like to see this get bought up very quickly. If we break below 56.76/share for any time frame, I'd immediately turn short term bearish. Bullish target price: 67.84/share. Risk to reward ratio: 4 to 1.
***not financial advice
BMY - Channel PlayTrendline support with MACD starting to curl back to the upside. Easy play, with good risk to reward ratio
$BMY with a bearish outlook following its earnings #BeststocksThe PEAD projected a bearish outlook for $BMY after a negative under reaction following its earnings release placing the stock in drift D
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BMY support level.First bounce likely here.
Keep watching for a cosolidation or double bottom or +ve divergences.
Weekly MACD is not in good shape.
BMY Pending Breakout LongBMY gapped up this morning showing good strength. Targeting the 52 week highs above.
$BMYAmazing chart its looking beautiful, volume is coming in nicely a break and potential Wave 1, 2 that aligns with larger degree fibs, remind me of Uber before it took off for its ATH , amazing find by Tomikazi entily a pure gold play overall same targets my chart is a little more bullish but i am loving it! Volume average is increasing and ER is coming up also!
Long Bristol Myers for 2021 and beyond- Technical w/FundamentalBristol Myers is in a great position both fundamentally and technically. Time horizon is 1-2 years.
Technical:
Ascending Triangle with Price above the 30-day and 210-day simple moving averages. This could squeeze into the previous highs set in 2018 and 2016 (~$75).
We want to see the price continue to stay above these averages as well as the trend line connecting the recent higher lows.
Fundamental:
-Recent Celgene acquisition adds $18B in revenue and diversifies BMY's product portfolio. Before the acquisition, BMY's Top 3 Drugs made up almost 75% of its total revenue. After the acquisition this same ratio is only 43%, decreasing BMY's reliance on its top 3 drugs.
-Last three years the average P/E based on operating earnings for BMY has been 14.21, and at their current price they are trading at a 9.79, suggesting they may be currently undervalued.
-Dividend of $1.92 or 3.14% yield
-21.41% Adjusted Operating Earnings growth rate
-A+ S&P credit rating
Price Target = $100-110
