Recently, leading pharmaceutical stock, Bristol-Myers Squibb Co (BMY), has been pulling back. The stock traded as high as $67.96 a share on May 24, 2021. Since that high pivot, the stock has come under some selling pressure and currently trades at $65.27 a share. Today, the stock is piercing below it’s important 20-day moving average which likely signals short term weakness in the shares.
Traders should now watch for very strong support around the $60.00 area. This level is where the shares were defended in early March 2021. Often, the first retest of a major pivot will serve as excellent support when retested.
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