Bristol-Myers Squibb may fall to 35.30 - 36.50

42.8 is our pivot point.

Our preference

The downside prevails as long as 42.8 is resistance.

Alternative scenario

Above 42.8, look for 44.9 and 46.1.

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 below its signal line and negative. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 43.0285 and 46.8452).

Supports and resistances

46.1 **

44.9 *

42.8 **

42

41.09 (USD-last)

37.7

36.5 **

35.3 *

34.1 **

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