In RED: rounding bottom
in GREEN: cup with handle
what do you think about BMY? I have find no ideas to compare my points of view, thank in advance for feedback!
In July 2016 BMY finally got back to its major top made in 1999. After the recent top- July 2016 BMY has had the largest percentage drop since its last major bear move in 2008.
It now looks like a major double top 1999/2016 has formed for BMY.
The BMY performance vs. the SPX since July 2016 - is very weak.
BMY is lagging the SPX even in the short term. Within the last ten trading days the SPX has gone up while BMY has gone sideway.
There is a lot of overhead supply for BMY starting around $60.00
The patterns you describe is very short term bullish. I doubt BMY could rally more than 1 or 2 points.
This is a great stock to watch for a shorting candidate.
BMY has been under performing the SPX and will probably continue to lead the way down.
much better this idea and timing, got the right moment, now it seems over!
it's always very usuful to get another (more) point of view!