toner
Long

BMY what kind of pattern(s) is this?

NYSE:BMY   BRISTOL-MYERS SQUIBB COMPANY
Just an idea about BMY             . Is this a "cup with handle" or "island reveresal?" or "rounding bottom"? Actually is out and close to going up (if patterns are right).

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!
http://marketrealist.com/2016/11/how-does-bristol-myers-squibbs-valuation-compare-to-peers-2/?utm_source=yahoo&utm_medium=feed
Reply
Hi
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.

Mark
Reply
toner markrivest
@markrivest, thank you for clear reply, your "idea" - about BMY - is much more appropriate than mine. for sure I'm out of time now, but sometimes patterns are there and look at you, but I was too superficial, I admit!

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!
thank you!
Reply
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