Tuesday, June 1, 2021 2:14 PM EST
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.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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