Technical Alert : BUY BMY – Bristol Myers Squibb at max 56,15 USD – Stop 54,50

Last week closing was $56,35.

Rationale for the trade :

  1. *2015/2016 support levels in the USD 55-57 area successfully (so far)  tested.
  2. *USD 54 was resistance in 201.
  3. *RSI massively oversold on daily + RSI touching 30 on weekly chart (last time it happened was march 2008 & 15-20% bounce folloxed in next 6 weeks) .
  4. * Daily MACD recently turned up.
  5. * Bullish « Hammer » reversal pattern last friday .

BMY050916

Good entry points for the long term as long as levels cited are not broken ; so for long termers i would set stops below  USD 53 – Risk 5,6%.

I set tighter stops for short term trades at USD 54,50 – Risk 2,90%.

***

This …

http://blogs.barrons.com/stockstowatchtoday/2016/08/08/bristol-myers-lung-cancer-failure-too-significant-to-stay-bullish/

was one month ago , stock is now around 10% lower.

 

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