One pharmaceutical stock that has been declining recently is Bristol-Myers Squibb (NYSE:BMY). Earlier this week, the company announced a takeover of Celgene (NASDAQ:CELG) for $74 billion. As often happens when a company buys another firm, BMY stock fell on the news. Many traders and investors are now wondering where the stock should now trade. One level that looks solid on the charts is around $40, which is a major retrace level and where a breakout took place in March 2013. Generally, these factors will cause the institutional money to step in and defend the stock around this price point.
