Bristol-Myers Squibb Is Set to Emerge From a Basing Pattern | BMY Message Board Posts

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Msg  673 of 750  at  9/19/2019 3:23:33 PM  by

zippypie


Bristol-Myers Squibb Is Set to Emerge From a Basing Pattern

 

Bristol-Myers Squibb Is Set to Emerge From a Basing Pattern

TheStreet's quants like the stock. What do the charts say?
Stocks quotes in this article: BMY
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.
 
 
In this weekly bar chart of BMY below, the major trend is still down but some bullish clues are there. Prices are above the bottoming 40-week moving-average line. The weekly OBV line is moving up and the MACD oscillator is close to crossing the zero line from below.
 
In this close only weekly Point and Figure chart of BMY below, we can see a possible upside price target of $62.
 
 
 
Bottom line strategy: Traders and investors could go long BMY at current levels, risking a close below $47. The low $60s is our price target.
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