Bristol-Myers nearing important test of support, levels to watch On a multi-year chart, the $48 level stands out as one to watch. That level was a pivot high nearly a year ago to date before a corrective phase began which then lead to a stronger rally. Following that rally the $48 area has been tested numerous times as support. What may be different this time is that any test of $48 is coming after the long-term uptrend has been called into doubt by the price action of the last several months. A breakdown below $48 could mark a major top with subsequent bearish price action. In that event next support below would be at $46.54. Equally a strong bounce off $48 might signal a bullish turn for the shares, but a move to well above $50 would be required to fill the most recent bearish gap on the chart.