FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

May 31 Chart of the Day - Bristol Myers

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Bristol Myers Squibb (BMY) has been trending in the news lately and making headlines for various reasons.

Regardless, when we last featured their chart from a price action technical analysis perspective back in November 2023 the bears were in control back then and have been ever since.

But is that about to change?

We have featured over 220 Charts of the Day during the past year and will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

Bristol Myers monthly price action technical analysis review

On the monthly chart we can see that after setting its $81.44 all time high (ATH) in late 2023, price has fallen dramatically through previous support/resistance levels and seemingly in search of a bottom.

Weekly Chart

Bristol Myers weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall from ATHs.

Trading around $41 earlier today price is essentially in a free fall with no buyers to speak of but that could potentially change upon meeting a trend line and support/resistance in the $39 area if price were to make it down there.

We've layered in traditional Fibonacci levels in both directions  as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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