Bristol Myers (BMY)

Jan 21, 2021Trade Ideas

We just found an interesting opportunity in Bristol Myers (BMY).

After hitting a high of $67.16, the stock ran into heavy overhead resistance and is beginning to pull back. It’s also overbought at its upper Bollinger Band (2,20), with over-extensions on RSI, MACD, and on Williams’ %R. We’d like to see a near-term test of $60 on BMY.

You could buy to open the BMY March 19, 2021 62.50 put at market. The put last traded at $1.74. Our initial target here is $2.50. If you want to hedge, buy to open the BMY March 19, 2021 65 calls, as well.


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