Drug Manufacturer Brystol-Myers was trending up and topped at $57. At $54 it dropped below key moving averages - for me its point to make adjustments.
Recently it has been hovering around 200 EMA and now broke down with conviction on volume above average. The last potential support was at $47.50 but buyers failed to hold it. I think if it will hold below for the next few days then it may continue lower.
Stop for swing traders above $50 (gap down pivot point) makes sence. Target could ve next important level at $42.
Reasonable trade from R/R point of view.
Recently it has been hovering around 200 EMA and now broke down with conviction on volume above average. The last potential support was at $47.50 but buyers failed to hold it. I think if it will hold below for the next few days then it may continue lower.
Stop for swing traders above $50 (gap down pivot point) makes sence. Target could ve next important level at $42.
Reasonable trade from R/R point of view.
