BMY reversal base, range near highs stays constructive

After a down phase, BMY built a base that looks like a descending pennant.

The upside breakout flipped structure and released price from the falling framework.

Since the break, price is printing higher highs plus higher lows. That is the new bias.

Price is now in a horizontal bullish consolidation near the highs. This signals control.

The base thesis stays intact above 50. While price holds above it, pullbacks are more likely buyable resets than trend breaks.

In the current phase, dips remain buyable as long as they respect higher lows and do not slip below the base.

Confirmation is a range resolution higher plus a close outside the range. Risk only rises if 50 breaks and fails to reclaim.