Bristol Myers Squibb (BMY)

Apr 27, 2021Trade Ideas

Bristol Myers Squibb (BMY) has become technically overbought.

At the moment, it’s struggling to get above double top resistance, with overbought extensions on RSI, MACD, and Williams’ %R. Going back to the start of 2020, we can see that each time BMY becomes this overbought, the stock tends to pull back.

  • In January 2020, BMY topped out at $64.67 before falling to $44
  • In May 2020, it topped out at about $62, and fell to $53.
  • In August 2020, it fell from about $60 to $56.
  • In November 2020, it fell from $65.20 to $59.26.
  • In January 2021, it fell from $65.79 to $58.

It’s right back to the same overbought spot. One way to trade downside in BMY is with the BMY June 18, 2021 67.50 put, which last traded at $2.77.

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