Bristol-Meyers Squibb $BMY has been in consolidation mode since 2016 and has been trading within a range from 2014. Price has been sliding sharply of late. This week, the decline accelerated when FDA said it would delay review of a new cancer drug for 3 months. "The FDA now aims for an approval decision on the drug by or on May 20, 2019. The trial, called CheckMate-227, is an ongoing phase 3 study testing Bristol-Myers' drug Opdivo plus a low dose of another Bristol-Myers drug, Yervoy, against chemotherapy in metastatic first-line non-small cell lung cancer." (MarketWatch)BMY Daily Chart(click to enlarge)Bearish Bias:- The daily chart reflects a market that has been choppy and sideways, but with some bearish bias.- The bearish bias is based on the lower high in October compared to January. - But most importantly, look at the bearish price action in March-April and the current dip. These are sharp decisive swings, whereas the rally from May to October was in this tentative choppy rally. - This makes me NOT want to rely on the support pivot at $50 outside of a brief bounce maybe back to $54. - Instead, I think there is a strong chance price will dig deeper.Earnings:- Q3 earnings report comes out on 10/25 for BMY.- Based on price action since 2016, the market has a neutral-bearish sentiment towards BMY.- If the earnings report does anything significant to stem the bearish sentiment, it needs to help BMY push back above $60. This can generate a bullish scenario.- Otherwise, I think price will dig down to the 2017 low around $46.25. Bearish Outlook:- There is a bearish outlook based on some swing projects seen on the weekly chart.- I think the $40 level could be the next low if price indeed falls below the $46.25 support. - Note that price is holding under the cluster of weekly moving averages (200,100,50). The RSI also held under 60, forgiving a brief violation above it. This reflects bearish momentum.BMY Weekly Chart(click to enlarge)