Swing Trade Idea (BMY) – September 02, 2022
Our bullish trade for Friday, September 2nd is Bristol-Myers Squibb Company (BMY). BMY is part of the Health Care Sector, which bounced higher off a long-term support level, with BMY also finding support for some bullish momentum.
BMY bounced higher off a long-term support level at $68, and is showing good strength. As it is recovering from a steep decline over the last few weeks, BMY is currently in an over-sold condition and aiming higher, with the next resistance at $72. This provides a good risk/reward bullish entry.
As a close, if BMY were to trade below $68 for multiple days, this would invalidate our analysis and will consider cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves below $0.77.
