BMY dominated by bears dragging the market lower throughout the day
Bristol-Myers Squibb (BMY) Technical Analysis Report for Apr 16, 2018
Moving lower for the 4th day in a row, BMY ended Monday at 54.08 tanking $4.57 (-7.79%) on high volume. This is the biggest single day loss in over a year. Today's closing price of 54.08 marks the lowest close since July 27, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 57.91, the share confirms its breakout through the prior session's low having traded $5.21 below it intraday.
Monday's trading range was $5.97 (10.22%), that's far above last trading month's daily average range of $1.81. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
Breaking below the key support level at 58.07 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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