Swing Trade Idea (BMY) – November 22, 2022
Our bullish trade for Tuesday, November 22nd is Bristol-Myers Squibb Company (BMY). BMY is part of the Health Care Sector, which has performed at 6.39% over the last month, with BMY overperforming relative to its sector at 9.35% over the same period.
BMY broke into new highs, after which it retraced and is now again trending higher towards this level. Both the 1M and 6M trends are bullish and it has a Relative Strength of 8 (out of 10), providing a good risk/reward bullish entry.
As a close, if BMY were to trade below $75 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves below $0.82.
