$BMY to the mid-low $60s?

May 18, 2022

BMY has held up remarkably well during the market sell off. That said, I don't think that it's going to escape the downside for that much longer.

We've tested the $77-78 region multiple times and just rejected again. Seeing the price action today makes me think that it's finally time for BMY to fall lower. Once BMY breaks $75, there's not much holding it up. I think we could see a fairly quick move down to the $60 range, at $65 which would be the first support and $61 which would be the second support.

There's a chance it falls into the 50S but I'll likely take profits in the 60s as it's rare for BMY to have such a substantial drop.

Let's see what happens over the coming days/weeks.