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BMY Continues to Slide, But Technical Evidence Argues for Tradeable Short-Term Low


All of the action off of the Jan high at 60.45 into today's low at 47.74 (in pre-market trading) has the right look of a completed downleg.

Let's notice that at the Jan 20 low of 48.92, price, RSI, MACD, and Volume all combined to indicate the establishment of an orthodox low.

All of the action since the Jan 20 low represents a "throw-over" move that is unconfirmed by my near- and medium-term indicators, and compels me to stick my big toe into the long side of Bristol-Myers Squibb Company (BMY), looking for a significant upside reversal in the hours/days directly ahead.

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