Bristol-Myers Squibb ( BMY) today was upgraded to buy by TheStreet.com's quantitative service. Let's see whether the technical analysts and the quants are in agreement.
In the daily bar chart of BMY below, prices appear to have been hammering out a base pattern. They made a new low in July but the indicators did not confirm it.
The daily On-Balance-Volume (OBV) line did not make a new low in July, nor did the Moving Average Convergence Divergence (MACD) oscillator.
In the past few weeks BMY has closed above the 50-day moving-average line, and the slope of the line has turned up. BMY is also above the bottoming 200-day line.
The OBV line has been rising from mid-July, telling us that buyers of BMY have been more aggressive. The MACD oscillator is above the zero line and bullish.