BMY dominated by bears dragging the market lower throughout the day


Bristol-Myers Squibb (BMY) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
BMY crashes, loses $4.57 (-7.79%) within a single day
BMY breaks key support level
BMY dominated by bears dragging the market lower throughout the day
BMY closes lower for the 4th day in a row
BMY breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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.

Daily chart for BMY
Volatility

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.

Support/Resistance

Breaking below the key support level at 58.07 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Bristol-Myers Squibb
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Outside Bar TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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