Bristol Myers Squibb $BMY is retreating sharply, but we should respect a previous bullish breakout and therefore anticipate support for the current pullback.BMY daily Chart(click to enlarge)Bullish Breakout:- Note that BMY has been trading sideways since late 2016. - In August 2017, price started to heat up and broke above this consolidation structure, opening up a bullish outlook.- Price found resistance at 66 and has retreated back to 60.Support:- I think we saw some support at 60 as a psychological level and a previous resistance in January. - But let's say price continues lower.- If it slows down the decline and approaches the 56.80-58.55 area, I would anticipate support.- This area involves the 200- and 100-day simple moving averages, a couple of previous resistance pivots, and a rising trendline.- Meanwhile, we should look for bullish divergence between price and the RSI as price enters this support area. - Looking at the weekly chart, we can also see a key support/resistance pivot at 57.50, which is in the middle of our proposed area of support.- Unless price breaks below 56, I think BMY looks like a good boy-on-a-dip situation. But if price dips below 56, 55, we might be seeing another bearish correction wave at least to test the 2017 lows around 46.BMY Weekly Chart(click to enlarge)