Bristol-Myers Squibb may rise to 48.00 - 49.30

Our pivot point stands at 41.6.

Our preference

Short term rebound towards 48.

Alternative scenario

The downside breakout of 41.6 would call for 39.4 and 38.2.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 44.7495 and 48.686).

Supports and resistances

50.6 **

49.3 *

48 **

46.7

43.36 (USD-last)

42.4

41.6 **

39.4 *

38.2 **

Number of asterisks represents the strength of support and resistance levels.