Bristol Myers Squibb Co (BMY) Drops Again, Here’s The Trade

Leading pharmaceutical giant, Bristol Myers Squibb Co (BMY), is declining again this morning. The stock is trading lower by 2.68% to $55.01 a share. Traders should note that the stock topped out in late August 2021 at $69.75 a share. Since that peak, the shares have steadily fallen and are now trading below the 200-week moving average. This puts the stock in a weak technical position on the charts and usually signals further downside in the near term. 

The next major support level for Bristol Myers Squibb Co (BMY) stock will be around the $50.00 area. This level is where the stock reversed a big downside decline in March 2020. There is also a major retrace level in this vicinity that should add to the strength of the support level. I would look to take a long side trade around this key support area.   

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