Investors Buying BMY Hand over Fist!

When I’m sorting through a group of stocks to identify which ones may be strong candidates to be added to my ‘Buy L Nov. 1st, 2024 Investors Buying BMY Hand over Fist! Dear Reader, When I’m sorting through a group of stocks to identify which ones may be strong candidates to be added to my ‘Buy List’, I have a handful of technical indicators that I will use to help me filter down to the best looking setups. Just this morning, one stock popped up on my screen that met many of my criteria and warranted being added to the ‘Buy List’. The stock that caught my attention was Bristol Myers Squibb Co. symbol: (BMY). When I saw BMY’s stock chart, there were a number of things from a ‘technical perspective’ that I like to see. The stock is clearly in a long-term uptrend and meets many of my technical ‘Buy’ signal indicators. However, at any given time there could be hundreds of stocks that satisfy just these basic criteria. Well, since this stock meets many of my more base-level technical mile-markers, I need to have some additional tools in my tool kit to help me parse through all the signals to separate ‘the best from the rest’. So, you may be asking, “What sets this stock apart from the rest of the bunch?”. This is the right question! And the answer is that the stock is not only in an unquestioned uptrend, but BMY also has confirmed momentum in the buying pressure underwriting the stock’s move. Let’s check out the technical breakdown of BMY stock in the chart below and I’ll tell you what in this chart has me so excited! Looking more closely at the chart, we can clearly see that BMY stock is in a definitive uptrend (circled). But what is so exciting about this chart is what’s shown in the lower portion of the chart, the ‘On Balance Volume’ line. On Balance Volume measures volume flow with a single Easy-to-Read Line. Volume flow precedes price movement and helps sustain the price uptrend. When a stock closes up, volume is added to the line. When a stock closes down, volume is subtracted from the line. A cumulative total of these additions and subtractions form the OBV line. Once I identify a stock, like BMY, with a clear uptrend, I will check the stock’s OBV chart to seek confirmation of the stock’s trend. You can see in BMY’s OBV chart, the stock’s OBV line is clearly trending up which signifies that the stock’s buying pressure is exceeding its selling pressure which validates BMY’s ‘Buy’ signal. As long as the OBV line continues to trend upward, this provides support to help sustain the stock’s bullish run. How I Would Look to Trade It Since we have now confirmed the strength of BMY’s ‘Buy’ signal by getting confirmation from the OBV chart, now we will want to look for a potential trade to place. I want to look to trade BMY’s trend and have the opportunity to capture some profits by placing an options trade on the stock. Below is a Call Option Debit spread for BMY that I found just this morning that would allow me to gain some exposure to the stock’s powerful bullish trend but also have some downside protection built in as well. Let me tell you how this works. Once I place a Call Option Debit spread, it has the ability to profit if the underlying stock/ETF is either up, flat, or even down a bit at option expiration. Below is a snapshot of my Call Option Debit Spread Calculator that shows the profit potential and downside protection analysis for my trade. This example examines a range of a 7.5% increase to a 7.5% decrease in BMY share price at option expiration. Looking at the trade analysis, the calculator shows that this one single trade, that would cost you only $332 to enter, has the ability to profit 50.6%. The calculator reveals that if BMY, at option expiration, were to increase, remain flat, or even drop by as much as 7.5%, this low-cost trade would be set up to make a 50.6% return! This Call Option Debit Spread strategy has been one of my absolute favorites to trade over the years and remains so today. The key behind it all is that by enabling your ability to profit if a stock is up, flat, or even down a bit gives you a much higher probability that your trade will end up a winner. The Hughes Optioneering Team is here to help you identify high-probability trades just like this one. Interested in accessing the Optioneering Calculators? Join one of Chuck’s Trading Services for unlimited access! The Optioneering Team has option calculators for six different option strategies that allow you to calculate the profit potential for an option trade before you take the trade. Chuck’s A.I. Pattern Trader Let me guess, like myself, you have probably heard non-stop about [A.I. or Artificial Intelligence]( over the past year. It has just simply dominated the headlines! Ever since I learned about the incredible capabilities of this technology, I have wanted to develop a way to harness this and apply it to my trading strategies. Well over the past few months, my team and I have finally [‘cracked the code’]( as we developed my brand new [A.I. Pattern Trader](! This is an A.I.-powered trade detection tool that is tuned in to find High Accuracy trade setups! If you haven’t seen my presentation where I was finally able to unveil my new [A.I. Pattern Trader](, don’t wait! [Click Here](, to make sure YOU can witness the power of this tool! Wishing You the Best in Investing Success, Chuck Hughes Editor, Trade of the Day Have any questions? Email us at [dailytrade@chuckstod.com]( *Trading incurs risk and some people lose money trading.  --------------------------------------------------------------- See Related Articles [Time to Consider a Trade for PAYX?]( [NDAQ: Clear PowerTrend ‘Buy’]( [Lots to Love about AppLovin’s Trend]( --------------------------------------------------------------- [TradeWins Logo](  © 2024 Tradewins Publishing. All rights reserved. | [Privacy Policy]( | [Terms and Conditions]( | [Contact Us]( If you didn't create an account using this email address, please ignore this email or unsubscribe using the link below. To ensure delivery of this email to your inbox and to enable images to load in future mailings, please add [todaystrade@chuckstod.com]( to your e-mail address book or safe senders list. DISCLAIMER: Auto-trading, or any broker or advisor-directed type of trading, is not supported or endorsed by Legacy Publishing LLC. 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