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  • Swing Trade Idea (BMY) – March 30, 2023

    Mar 30, 2023 Swing Options Tips Comments Off on Swing Trade Idea (BMY) – March 30, 2023

    Our bearish trade for Thursday, March 30th is Bristol-Myers Squibb Company (BMY). BMY is part of the Health Care Sector, which has performed at 0.18% over the last month, with BMY performing at –1.13% over the same period.

    BMY is trending lower and recently made a lower high at a point where the 21 Day EMA and an area of resistance overlaps, which is at $68. With a 1M trend of Neutral and a 6M trend of Bearish and a Relative Strength of 4 (out of 10), we believe that BMY will continue lower.

    As a close, if BMY were to trade above $70 for multiple days, this would invalidate our analysis and 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 above $2.44.

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