MaryJane

Is this "shakeout"candle the buying candle for a turnaround?

NYSE:BMY   BRISTOL MYERS SQUIBB CO
258 0 24
Swing Trade Preparation?

After Bristol gapped down, the stock is trying to find a bottom - the down-dynamic increased- but we haven`t seen a countermove yet.
I will illustrate how you could use that for a longtrade with a very ggood CRR             .
1. Opening a longposition at the present Niveau is interesting because the RSI is still strong oversold and signs a possible upcoming long-Signal. The daily-candle also could be a bullish one.TP could be the 38,2 fibo @ 63.5
Furthermore, the stock is trading at a Level, which was already bought 5 times and the the uptrend-line is not far away. A normal correction up to the fibo 38,2 is thinkable- Here is also based the gaps bottomedge as a resistance.SL near below the support-Level @ 56.35 -> TP1 = GAPs bottom / 38,2 fibo @ 64.75/65.4
2. Reaching the gap would fool me to think about a "gap-close"-Play. Here you could open a second Long Position with TP: Gapclose
3. Trading below the illustrated supportlevel 64.75-65.4 will initiate a bigger midterm/longterm shortsignal

resistances: 64.75 (gap) / 65.4 (38.2) 67.67 (0,5) / 64.94 (62,8) /58,08/56.09 (uptrend) / 56.35 /
supports: 55.0/ 51.8 / 47.5 / 46.3

Comments are welcome - agree or disagree
Comment: It´s reall getting dangerous!
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Order cancelled:
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Comment: that is really ugly
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