andrew.berg
Short

BMY broke down of major support on volume

NYSE:BMY   BRISTOL MYERS SQUIBB CO
Drug Manufacturer Brystol-Myers was trending up and topped at $57. At $54 it dropped below key moving averages - for me its point to make adjustments.
Recently it has been hovering around 200 EMA and now broke down with conviction on volume above average. The last potential support was at $47.50 but buyers failed to hold it. I think if it will hold below for the next few days then it may continue lower.
Stop for swing traders above $50 (gap down pivot point ) makes sence. Target could ve             next important level at $42.
Reasonable trade from R/R point of view.
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