BMY | 25 RSI | Profit opportunity | Extremely Bullish
The current price of this stock is $56.22; this level is a huge support level if you take a look back to 2014, 2017, 2019. The chances for a huge bounce are very likely.
I don't know the long term pattern, but it has to test the 200 EMA before it could go lower. During OCT 2019, we had a gap, and it could be coming back right now to fill that gap.
Trade safe and do your own DD.
- I was looking at the daily chart it has reached oversold conditions of 25.49, with today closing showing a bullish pin bar. The price has dropped from $65 to $55 since the start of June.
- The 200 EMA is at $58, which is very far from the current price. The fib retracement tells us that it has tested the 61.8% retracement at $53.50.
I don't know the long term pattern, but it has to test the 200 EMA before it could go lower. During OCT 2019, we had a gap, and it could be coming back right now to fill that gap.
Trade safe and do your own DD.