.

Swing Trade Idea (BMY) – February 10, 2022

Our bearish trade for Thursday, February 10th is Bristol-Myers Squibb Co (BMY). BMY is part of the Health Care sector that is currently testing the 200 Day MA, which acts as a resistance level. 

BMY recently moved higher to test resistance at $67, which is a key level. We expect BMY to consolidate or retrace lower at this point, which provides a good risk/reward ratio.

As a close, if BMY were to trade above $67 for multiple days, this would invalidate our analysis and consider cutting losses on the trade. We also suggest cutting losses on this options trade if the value of the vertical spread moves above $2.48.