BMY 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
***not financial advice